For the 24 hours to 23:00 GMT, the USD rose 6.97% against the CAD and closed at 1.3951.
On the data front, Canada’s ADP employment declined by 226.7K in April, compared to a revised decline of 17.2K in the previous month. Moreover, the new housing price index remained flat on a monthly basis in April, compared to a rise of 0.3% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3980, with the USD trading 0.21% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3920, and a fall through could take it to the next support level of 1.3859. The pair is expected to find its first resistance at 1.4013, and a rise through could take it to the next resistance level of 1.4045.
Moving ahead, traders would keep a watch on Canada’s retail sales for March, slated to release later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
Roz has been engaged in the financial markets since 2017, specializing in Foreign Exchange, Before joining to FOREX IN WORLD she start to learn forex trading related information.