USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.11% against the CAD and closed at 1.3161.
The Canadian Dollar lost ground, after Canada’s retail sales unexpectedly eased 0.5% on a monthly basis in December, dropping to its lowest level in nine months and confounding market consensus for it to record a flat reading. In the previous month, retail sales had advanced by a revised 0.3%.
In the Asian session, at GMT0400, the pair is trading at 1.3142, with the USD trading 0.14% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3101, and a fall through could take it to the next support level of 1.306. The pair is expected to find its first resistance at 1.3196, and a rise through could take it to the next resistance level of 1.3250.
Amid a lack of economic releases in Canada today, trading trend in the CAD is expected to be determined by global macroeconomic news.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
