USDCAD Movement
For the 24 hours to 23:00 GMT on Friday, the USD rose 0.26% against the CAD to close at 0.9711.
The Loonie came under pressure after the manufacturing sales in Canada fell 1.5% (MoM) to $48.3 billion in July, making it the third decrease in five months.
Meanwhile, in the US, retail sales rose 0.9% (MoM) in August, highest in six months and following a revised 0.6% gain in July. Additionally, the consumer price index rose 0.6% in August, while the Thomson Reuters/University of Michigan preliminary index of consumer sentiment unexpectedly climbed to 79.2 in September.
In the Asian session, at GMT0300, the pair is trading at 0.9708, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 0.9653, and a fall through could take it to the next support level of 0.9598. The pair is expected to find its first resistance at 0.9743, and a rise through could take it to the next resistance level of 0.9778.
In the day ahead, investors await existing home sales data in Canada.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
