USDCAD Movement
On Friday, the USD rose 0.27% against the CAD to close at 1.2230.
In economic news, consumer prices in Canada rose 0.7% on a monthly basis in March, beating market expectations for a 0.6% rise and following an increase of 0.9% recorded in the preceding month. Meanwhile, retail sales in the nation rebounded 1.7% on a monthly basis in February, compared to previous month’s revised drop of 1.4%. Markets were expecting it to advance 0.5%.
In the Asian session, at GMT0300, the pair is trading at 1.2199, with the USD trading 0.25% lower from Friday’s close.
The pair is expected to find support at 1.2099, and a fall through could take it to the next support level of 1.1998. The pair is expected to find its first resistance at 1.2286, and a rise through could take it to the next resistance level of 1.2373.
Looking ahead, investors would keep a close eye on the BoC Governor, Stephen Poloz’s speech, scheduled later today.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
