USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.53% against the CAD to close at 1.3083.
In economic news, Canada’s wholesale sales declined more-than-expected by 1.0% MoM in March, falling for the second consecutive month, mainly led by lower sales in the food and motor vehicles category. Markets expected a 0.5% drop, following a 2.2% fall in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.308, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.3024, and a fall through could take it to the next support level of 1.2967. The pair is expected to find its first resistance at 1.3145, and a rise through could take it to the next resistance level of 1.3209.
Moving ahead, investors will look forward to the release of Canada’s retail sales and consumer prices data, due later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
