USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 1.05% against the CAD to close at 1.2988.
In economic news, Canadian wholesale sales remained flat on a monthly basis in January, compared to a revised advance of 1.8% in the previous month. Market expectation was for wholesale sales to rise 0.3%.
In the Asian session, at GMT0400, the pair is trading at 1.2986, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.2917, and a fall through could take it to the next support level of 1.2848. The pair is expected to find its first resistance at 1.3084, and a rise through could take it to the next resistance level of 1.3181.
Going ahead, investors will look forward to Canada’s retail sales and consumer price inflation data, scheduled to release later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
