USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.29% against the CAD to close at 1.3121.
The Canadian Dollar lost ground, after the country’s retail sales declined more-than-expected by 1.0% MoM in March, mainly led by a drop in car sales. Investors had expected it to fall by 0.6%, following a 0.4% gain in the previous month. On the other hand, the nation’s consumer prices advanced in line with market expectations by 0.3% MoM in April, after registering a 0.6% rise in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3108, with the USD trading 0.1% lower from Friday’s close.
The pair is expected to find support at 1.3067, and a fall through could take it to the next support level of 1.3026. The pair is expected to find its first resistance at 1.3155, and a rise through could take it to the next resistance level of 1.3202.
Amid a light economic calendar, Canadian investors would shift their focus to the release of
BoC’s interest rate decision, scheduled on Wednesday.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
