USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.39% against the CAD to close at 1.3038.
On the macroeconomic front, consumer prices in Canada rose less-than-expected by 0.2% MoM in February, compared to market expectations for an advance of 0.4%. In the prior month, the consumer price index had registered a rise of 0.2%. In contrast, the nation’s retail sales rebounded above expectations by 2.1% MoM in January, its biggest gain since March 2010, compared to a revised fall of 2.1% in the previous month, while investors had anticipated a rise of 0.6%.
In the Asian session, at GMT0400, the pair is trading at 1.3052, with the USD trading 0.11% higher from Friday’s close.
The pair is expected to find support at 1.2960, and a fall through could take it to the next support level of 1.2867. The pair is expected to find its first resistance at 1.3108, and a rise through could take it to the next resistance level of 1.3164.
Amid no economic releases in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
