USDCAD Movement
On Friday, the USD declined 0.99% against the CAD to close at 1.2581.
The CAD gained ground, after consumer prices in Canada rebounded 0.2% on a monthly basis in February, following a similar drop registered in the preceding month.
However, gains in the CAD were kept in check, after retail sales in the nation went down 1.7% MoM in February, higher than market expected drop of 0.8% and compared to a revised decline of 1.8% in January.
In the Asian session, at GMT0400, the pair is trading at 1.2555, with the USD trading 0.21% lower from Friday’s close.
The pair is expected to find support at 1.2488, and a fall through could take it to the next support level of 1.2422. The pair is expected to find its first resistance at 1.2673, and a rise through could take it to the next resistance level of 1.2792.
Amid no economic releases in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
