USDCAD Movement
For the 24 hours to 23:00 GMT, the USD marginally rose against the CAD and closed at 1.2567.
On the economic front, Canada’s retail sales rose 0.1% MoM in June, lower than market expectations for a rise of 0.2%. Retail sales had recorded a revised rise of 0.5% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2577, with the USD trading 0.08% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2537, and a fall through could take it to the next support level of 1.2497. The pair is expected to find its first resistance at 1.2606, and a rise through could take it to the next resistance level of 1.2635.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
