USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.22% against the CAD to close at 1.2204.
In economic news, wholesale sales in Canada rebounded 0.8% MoM in March, less than market expected increase of 0.9%. It followed a drop of 0.4% recorded in February.
In the Asian session, at GMT0300, the pair is trading at 1.2192, with the USD trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 1.2154, and a fall through could take it to the next support level of 1.2117. The pair is expected to find its first resistance at 1.2244, and a rise through could take it to the next resistance level of 1.2296.
With no economic releases in Canada today, market participants await the release of the nation’s CPI along with retail sales data, scheduled tomorrow for further direction.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
