USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.73% against the CAD to close at 1.2934, after US retail sales advanced more-than-expected in April.
In the Asian session, at GMT0300, the pair is trading at 1.2933, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 1.2861, and a fall through could take it to the next support level of 1.279. The pair is expected to find its first resistance at 1.2983, and a rise through could take it to the next resistance level of 1.3034.
Going ahead, market participants will look forward to Canada’s existing home sales data for April along with the Bank of Canada’s (BoC) quarterly review report, scheduled to release later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
