USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.32% against the CAD and closed at 1.3615.
The Canadian Dollar lost ground, on reports that the US is considering withdrawal from the North American Free Trade Agreement (NAFTA) between the US, Canada and Mexico.
On the data front, Canada’s retail sales unexpectedly dropped 0.6% MoM in February, compared to a revised advance of 2.3% in the previous month, while investors had envisaged for a flat reading.
In the Asian session, at GMT0300, the pair is trading at 1.3558, with the USD trading 0.42% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3517, and a fall through could take it to the next support level of 1.3476. The pair is expected to find its first resistance at 1.3623, and a rise through could take it to the next resistance level of 1.3688.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
