USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.13% against the CAD and closed at 1.3275 on Friday.
The Canadian dollar declined against the US dollar, following weaker-than-expected retail sales data.
Data showed that Canada’s retail sales climbed 0.4% on a monthly basis in July, less than market expectations for an advance of 0.6%. In the prior month, retail sales had recorded a revised fall of 0.1%.
In the Asian session, at GMT0300, the pair is trading at 1.3276, with the USD trading marginally higher against the CAD from Friday’s close.
The pair is expected to find support at 1.3254, and a fall through could take it to the next support level of 1.3231. The pair is expected to find its first resistance at 1.3300, and a rise through could take it to the next resistance level of 1.3323.
Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
