For the 24 hours to 23:00 GMT, the USD rose 0.23% against the CAD and closed at 1.3433.

Data indicated that Canada’s retail sales rose 1.1% on a monthly basis in March, undershooting market consensus for a gain of 1.2%. In the prior month, retail sales had recorded a revised rise of 1.0%.

In the Asian session, at GMT0300, the pair is trading at 1.3446, with the USD trading 0.10% higher against the CAD from yesterday’s close.

- advertisement -

The pair is expected to find support at 1.3386, and a fall through could take it to the next support level of 1.3326. The pair is expected to find its first resistance at 1.3478, and a rise through could take it to the next resistance level of 1.3510.

In absence of key economic releases in Canada today, investor sentiment would be determined by global macroeconomic events.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.