OTTAWA: For the 24 hours to 23:00 GMT, the USD rose 0.17% against the CAD and closed at 1.3377 on Friday. The Canadian Dollar lost ground, after Canada’s consumer price index (CPI) rose less-than-anticipated by 2.0% on an annual basis in February, compared to market expectations for an advance of 2.1%. The CPI had climbed 2.1% in the prior month. Meanwhile, on a monthly basis, the CPI rose 0.2% in February, meeting market expectations and after recording a gain of 0.9% in the previous month. In the Asian session, at GMT0300, the pair is trading at 1.3331, with the USD trading 0.34% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.3307, and a fall through could take it to the next support level of 1.3282. The pair is expected to find its first resistance at 1.3370, and a rise through could take it to the next resistance level of 1.3408. Moving ahead, market participants will focus on the Bank of Canada’s business outlook survey report, slated to release later in the day. The currency pair is trading below its 20 Hr and 50 Hr moving averages.
