USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.28% against the CAD and closed at 1.3367.
Macroeconomic data revealed that Canada’s wholesale sales rebounded 1.1% MoM in October, compared to a revised drop of 1.5% in the previous month and surpassing investor consensus for it to rise 0.5%.
In the Asian session, at GMT0400, the pair is trading at 1.3366, with the USD trading a tad lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3336, and a fall through could take it to the next support level of 1.3306. The pair is expected to find its first resistance at 1.3415, and a rise through could take it to the next resistance level of 1.3464.
In absence of any major economic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
