USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.32% against the CAD to close at 1.2802.
In economic news, Canada’s wholesale sales rebounded 0.1% MoM to $54.8 billion in April, its first increase after two consecutive monthly declines, mainly led by a growth in the food and beverage sector. However, the gain was lesser than market expectations.
In the Asian session, at GMT0300, the pair is trading at 1.2792, with the USD trading 0.08% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2757, and a fall through could take it to the next support level of 1.2722. The pair is expected to find its first resistance at 1.2838, and a rise through could take it to the next resistance level of 1.2884.
With no economic releases in Canada today, investors will look forward to the nation’s retail sales data for April, due tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
