For the 24 hours to 23:00 GMT, the USD marginally declined against the CAD and closed at 1.2329.

In the Asian session, at GMT0300, the pair is trading at 1.2314, with the USD trading 0.12% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2294, and a fall through could take it to the next support level of 1.2274. The pair is expected to find its first resistance at 1.2351, and a rise through could take it to the next resistance level of 1.2388.

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Moving ahead, market participants will keep a close watch on Canada’s inflation figures for August as well as retail sales data for July, both due to release later today.

The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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