USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.47% against the CAD to close at 1.2233.
In economic news, wholesale sales in Canada advanced more than expected by 1.9% MoM in April. It followed a revised rise of 1.0% registered in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2226, with the USD trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.2180, and a fall through could take it to the next support level of 1.2133. The pair is expected to find its first resistance at 1.2312, and a rise through could take it to the next resistance level of 1.2398.
Amid no economic releases in Canada today, investors await the release of the nation’s crucial inflation and retail sales data, scheduled tomorrow, to get better insights in the Canadian economy.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
