USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.12% against the CAD to close at 1.1644, after the Fed expressed its optimism in the US economy.
In economic news, wholesale sales in Canada advanced less than expected 0.1% on a monthly basis in November, against market expectations for a 0.2% rise and compared to an increase of 1.8% recorded in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.1636, with the USD trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.1573, and a fall through could take it to the next support level of 1.1510. The pair is expected to find its first resistance at 1.1686, and a rise through could take it to the next resistance level of 1.1736.
Amid no economic releases in Canada today, investor await Canada’s inflation data, scheduled for tomorrow.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
