For the 24 hours to 23:00 GMT, the USD declined 0.71% against the CAD and closed at 1.3233.
The Canadian Dollar gained ground, after Canada’s retail sales rose more-than-anticipated by 0.8% MoM in April, boosting optimism over the state of the economy and intensifying hopes that the Bank of Canada will raise interest rates at its July meeting. Retail sales had recorded a revised advance of 0.5% in the previous month, while markets were expecting for a gain of 0.3%.
In the Asian session, at GMT0300, the pair is trading at 1.3228, with the USD trading a tad lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3178, and a fall through could take it to the next support level of 1.3128. The pair is expected to find its first resistance at 1.3308, and a rise through could take it to the next resistance level of 1.3388.
This afternoon will bring a crucial Canadian release, namely the consumer price index for May.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
