USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.26% against the CAD to close at 1.0378. The Canadian Dollar advanced, drawing strength from reports which showed that wholesale sales in Canada rose at the fastest pace in more than two years in May. Additionally, rising oil prices and positive US economic data also supported the CAD.
In the Asian session, at GMT0300, the pair is trading at 1.0372, with the USD trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.0341, and a fall through could take it to the next support level of 1.0310. The pair is expected to find its first resistance at 1.0422, and a rise through could take it to the next resistance level of 1.0472.
The Canadian Dollar is expected to take further cues from the outcome of the consumer prices data later today.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
