USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.25% against the CAD to close at 1.2987.
In economic news, Canada’s wholesale sales recorded an unexpected drop of 0.1% MoM in August, after registering a downwardly revised fall of a similar percentage in the previous month. Investors had expected it to rise 0.2%.
In the Asian session, at GMT0300, the pair is trading at 1.2977, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.2901, and a fall through could take it to the next support level of 1.2825. The pair is expected to find its first resistance at 1.3052, and a rise through could take it to the next resistance level of 1.3126.
Moving ahead, the BoC interest rate decision, scheduled to be announced later today, will grab a lot of investor attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
