OTTAWA: For the 24 hours to 23:00 GMT, the USD rose 0.06% against the CAD and closed at 1.2337 on Friday. The Canadian Dollar lost ground, after Canada’s consumer price index (CPI) advanced less-than-anticipated by 1.4% on an annual basis in August, compare to market expectations for a rise of 1.5%. In the prior month, the CPI had gained 1.2%. On the contrary, the nation’s retail sales climbed 0.4% on a monthly basis in July, topping market consensus for an advance of 0.2%. In the prior month, retail sales had recorded a revised flat reading.
In the Asian session, at GMT0300, the pair is trading at 1.2334, with the USD trading slightly lower against the CAD from Friday’s close. The pair is expected to find support at 1.2276, and a fall through could take it to the next support level of 1.2219. The pair is expected to find its first resistance at 1.2371, and a rise through could take it to the next resistance level of 1.2409. The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
