USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.33% against the CAD to close at 1.1076. The CAD lost ground after Canada’s retail sales unexpectedly fell for the first time in seven months, decreasing 0.1%, on a monthly basis, in July, and compared to market expectations for an advance of 0.5%. It follows 1.2% revised gain registered in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.1072, with the USD trading tad lower from yesterday’s close.
The pair is expected to find support at 1.1008, and a fall through could take it to the next support level of 1.0943. The pair is expected to find its first resistance at 1.1111, and a rise through could take it to the next resistance level of 1.1149.
Amid no economic releases from Canada today, investor sentiments would be determined by economic news from other nations.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
