USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.19% against the CAD to close at 1.0840.
On the economic front, Canadian wholesale sales rose 1.2% (MoM) to C$51.2 billion, more than twice as fast as compared to analysts’ expectations for a 0.5% rise in April, after falling 0.3% (MoM) in the past month.
In the Asian session, at GMT0300, the pair is trading at 1.0828, with the USD trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 1.0803, and a fall through could take it to the next support level of 1.0779. The pair is expected to find its first resistance at 1.0875, and a rise through could take it to the next resistance level of 1.0923.
With no major economic releases from Canada, later today, market participants are expected to shift their focus to Friday’s Canadian consumer prices and retail sales data.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
