USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.12% against the CAD to close at 1.0119. The Canadian Dollar weakened as a drop in Canadian wholesale sales in December added to concerns over the outlook for the economy.
Yesterday, wholesale sales declined 0.9% in December to C$49 billion ($48.3 billion) compared to a 0.7% gain recorded in November.
In the Asian session, at GMT0400, the pair is trading at 1.0117, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0098, and a fall through could take it to the next support level of 1.0078. The pair is expected to find its first resistance at 1.0138, and a rise through could take it to the next resistance level of 1.0158.
Trading trends in the pair today are expected to be determined by the release of the Teranet/National Bank house price index (HPI) data in Canada.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
