USDCAD Movement
On Friday, the USD rose 0.27% against the CAD to close at 1.2425. The CAD came under pressure after Canada’s CPI slid more than anticipated by 0.7% on a monthly basis in December, against market expectations for a 0.6% drop and compared to previous month’s decline of 0.4%.
Other economic data showed that, the nation’s retail sales unexpectedly rose 0.4% on a MoM basis in November, more than market expectations for a fall of 2.0%. In the prior month, retail sales had registered an unchanged reading.
In the Asian session, at GMT0400, the pair is trading at 1.2455, with the USD trading 0.24% higher from Friday’s close.
The pair is expected to find support at 1.2391, and a fall through could take it to the next support level of 1.2327. The pair is expected to find its first resistance at 1.2491, and a rise through could take it to the next resistance level of 1.2526.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
