USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.39% against the CAD to close at 1.3325.
On the macro front, the Canadian retail sales increased 0.5% MoM in July, but fell short of market expectations of a rise of 0.7%. It followed a downwardly revised gain of 0.4% in June. Meanwhile, retail sales excluding motor vehicles remained flat in the same period.
In the Asian session, at GMT0300, the pair is trading at 1.3316, with the USD trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.3244, and a fall through could take it to the next support level of 1.3172. The pair is expected to find its first resistance at 1.3374, and a rise through could take it to the next resistance level of 1.3431.
Amid no economic releases in Canada today, investor sentiment would be determined by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
