USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.16% against the CAD and closed at 1.3061 on Friday.
In economic news, Canada’s retail sales unexpectedly eased 0.1% on a monthly basis in May, as bad weather conditions affected sales and defying market expectations for a climb of 0.3%. In the prior month, retail sales had recorded a revised rise of 0.2%.
In the Asian session, at GMT0300, the pair is trading at 1.3064, with the USD trading slightly higher against the CAD from Friday’s close.
The pair is expected to find support at 1.3023, and a fall through could take it to the next support level of 1.2983. The pair is expected to find its first resistance at 1.3107, and a rise through could take it to the next resistance level of 1.3151.
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 moving average and trading above its 50 Hr moving average.
