USDCAD Movement
On Friday, the USD rose 0.17% against the CAD to close at 1.1600. The CAD came under pressure after consumer prices in Canada retreated more than expected 0.4%, posting its biggest decline on a monthly basis in nearly 2 years in November, and following a rise of 0.1% registered in the preceding month.
In other economic news, Canadian retail sales remained steady on a MoM basis in October, higher than market expectations for a fall of 0.3%. In the previous month, retail sales had registered a rise of 0.8%.
In the Asian session, at GMT0400, the pair is trading at 1.1601, with the USD trading a tad higher from Friday’s close.
The pair is expected to find support at 1.1565, and a fall through could take it to the next support level of 1.1530. The pair is expected to find its first resistance at 1.1635, and a rise through could take it to the next resistance level of 1.1670.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
