USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.13% against the CAD to close at 1.0287.
In the Asian session, at GMT0300, the pair is trading at 1.0287, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 1.0271, and a fall through could take it to the next support level of 1.0254. The pair is expected to find its first resistance at 1.0306, and a rise through could take it to the next resistance level of 1.0324.
Traders await the release of Canada’s retails sales data ahead today. Market participants expect retail sales to rise 0.6% (MoM) in July, following a 0.6% drop seen in the previous month.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
