USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.85% against the CAD and closed at 1.4144.
The CAD gained ground, after Canada’s retail sales rose more than expected, rising the most in about one-and-a-half-years, after it increased by 1.7% MoM in December, from a gain of 0.1% in the previous month and compared to market expectation of an increase of 0.2%.
On the other hand, the nation’s consumer price index fell more than anticipated by 0.5% MoM in December following a decline of 0.1% in the previous month and compared to market expectation of a fall of 0.4%.
In the Asian session, at GMT0400, the pair is trading at 1.4135, with the USD trading 0.07% lower from Friday’s close.
The pair is expected to find support at 1.4067, and a fall through could take it to the next support level of 1.3998. The pair is expected to find its first resistance at 1.425, and a rise through could take it to the next resistance level of 1.4365.
Amid no macroeconomic releases in Canada today, investor sentiment would be governed by global microeconomic news.
The currency pair is showing convergence with its 20 Hr and trading below its 50 Hr moving average.
