USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.1% against the CAD and closed at 1.3352.
On the economic front, retail sales in Canada rebounded more-than-anticipated by 2.2% in January, accelerating at its strongest pace in nearly seven years, suggesting that the economy is gaining momentum. Meanwhile markets expected for an advance of 1.5%, following a revised drop of 0.4% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3375, with the USD trading 0.17% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3296, and a fall through could take it to the next support level of 1.3217. The pair is expected to find its first resistance at 1.342, and a rise through could take it to the next resistance level of 1.3465.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
