USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 1.70% against the CAD to close at 1.2573, despite the US Fed dropping the “patient” word from its monthly monetary statement.
In economic news, wholesale sales in Canada eased 3.1% MoM in January, compared to a revised 2.8% gain registered in the preceding month. Markets were expecting it to drop 0.8%.
In the Asian session, at GMT0400, the pair is trading at 1.2594, with the USD trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 1.2416, and a fall through could take it to the next support level of 1.2238. The pair is expected to find its first resistance at 1.2804, and a rise through could take it to the next resistance level of 1.3014.
Amid no economic releases in Canada today, market participants await the release of the nation’s CPI coupled with retail sales data, scheduled tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
