For the 24 hours to 23:00 GMT, the USD declined 0.7% against the CAD and closed at 1.3515 on Friday.
Macroeconomic data showed that Canada’s consumer price inflation rose less than expected 1.6% YoY in April, matching the gain in March, as higher energy costs offset a seventh consecutive decline in grocery prices. Markets were expecting consumer prices to rise 1.7%. Moreover, the nation’s retail sales advanced 0.7% on a monthly basis in March, exceeding market projections of 0.4% gain, buoyed by increased purchases at new and used cars dealers. Retail sales recorded a revised drop of 0.4% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3526, with the USD trading 0.08% higher against the CAD from Friday’s close.
The pair is expected to find support at 1.3486, and a fall through could take it to the next support level of 1.3446. The pair is expected to find its first resistance at 1.3585, and a rise through could take it to the next resistance level of 1.3644.
On the occasion of Victoria Day in Canada today, trading trends in the currency pair will be determined by global macroeconomic factors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
