USDCAD Movement
On Friday, the USD declined 0.23% against the CAD to close at 1.0739.
The Canadian Dollar strengthened after the consumer price index on a yearly basis rose at its fastest pace in more than two years. Official data revealed that consumer price index in Canada climbed 2.4% in June on an annual basis, compared to market expectations for a rise of 2.3%. In the previous month, the consumer price index had risen 2.3%. Similarly, the wholesale sales in the nation too surprisingly jumped 2.2% in May from April to a record $52.58 billion.
In the Asian session, at GMT0300, the pair is trading at 1.0738, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 1.0708, and a fall through could take it to the next support level of 1.0678. The pair is expected to find its first resistance at 1.0766, and a rise through could take it to the next resistance level of 1.0794.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
