USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.24% against the CAD to close at 0.9908. Canadian dollar rose against greenback after Canadian wholesale sales unexpectedly rose in February, rebounding from a decline in the previous month.
In Canada, the wholesale sales rose 1.6% (MoM) in February to C$48.5 billion, following a 1.1% decline in January. Market had expected 0.3% drop in February.
In the Asian session, at GMT0300, the pair is trading at 0.9911, with the USD trading slightly higher from yesterday’s close.
The pair is expected to find support at 0.9884, and a fall through could take it to the next support level of 0.9857. The pair is expected to find its first resistance at 0.9958, and a rise through could take it to the next resistance level of 1.0006.
Trading trends in the pair today are expected to be determined by data release on retail sales in Canada.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
