USDCAD Movement
For the 24 hours to 23:00 GMT on Friday, the USD rose 0.05% against the CAD to close at 0.9769.
On the economic front, Canadian wholesale sales unexpectedly fell 0.6% (MoM) in July, against the market expectation for 0.2% fall. Meanwhile, nation’s consumer price index rose 1.2% in August from a year ago, compared with a 1.3% rise in July.
In the Asian session, at GMT0300, the pair is trading at 0.9789, with the USD trading 0.20% higher from Friday’s close, as reports surfaced that Germany and France were at odds over a timeframe to centralize banking supervision, with Germany hoping to delay giving the European Central Bank more power to oversee the Euro-zone’s financial institutions.
The pair is expected to find support at 0.9747, and a fall through could take it to the next support level of 0.9706. The pair is expected to find its first resistance at 0.9815, and a rise through could take it to the next resistance level of 0.9842.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
