USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.36% against the CAD and closed at 1.2388.
In economic news, Canada’s retail sales climbed 0.2% on a monthly basis in November, falling short of market expectations for a gain of 0.8%. Retail sales had advanced by a revised 1.6% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2351, with the USD trading 0.3% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2292, and a fall through could take it to the next support level of 1.2232. The pair is expected to find its first resistance at 1.2401, and a rise through could take it to the next resistance level of 1.2450.
Going forward, Canada’s crucial inflation figures for December, slated to release later in the day, would pique significant amount of market attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
