USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.46% against the CAD and closed at 1.2538 on Friday.
The Canadian Dollar gained ground, after Canada’s retail sales rose more-than-anticipated by 0.6% MoM in May, climbing for the third straight month. Retail sales had recorded a revised rise of 0.7% in the previous month, while markets were expecting for a gain of 0.3%.
On the other hand, the nation’s consumer price index (CPI) rose less-than-expected by 1.0% on an annual basis in June, advancing at its weakest pace since October 2015 and undershooting market expectations for an advance of 1.1%. In the previous month, the CPI had recorded a rise of 1.3%. In the Asian session, at GMT0300, the pair is trading at 1.2545, with the USD trading 0.06% higher against the CAD from Friday’s close.
The pair is expected to find support at 1.2508, and a fall through could take it to the next support level of 1.2472. The pair is expected to find its first resistance at 1.2595, and a rise through could take it to the next resistance level of 1.2646.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
