USDCAD Movement
For the 24 hours to 23:00 GMT, the USD marginally rose against the CAD to close at 1.2804.
In economic news, Canada’s retail sales rose more-than-expected by 0.9% MoM in April, mainly led by a rise in sales at gasoline stations. Investors had expected it to rise by 0.8%, following a revised drop of 0.8% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2802, with the USD trading marginally lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2743, and a fall through could take it to the next support level of 1.2683. The pair is expected to find its first resistance at 1.2857, and a rise through could take it to the next resistance level of 1.2911.
Retail trade being the last economic update of this week from Canada, investors would shift their focus to April’s GDP release next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
