GCI Forex News - USD/CAD: Loonie higher ahead of Canadian wholesale sales data

USDCAD Movement

For the 24 hours to 23:00 GMT, USD traded flat against the CAD to close at 0.9886.

Fitch Ratings warned that Canadian banks would come under increased pressure as revenues from key businesses such as consumer lending and capital markets start to decline over coming quarters.

In the Asian session, at GMT0300, the pair is trading at 0.9877, with the USD trading 0.09% lower from yesterday’s close.

The pair is expected to find support at 0.9868, and a fall through could take it to the next support level of 0.9859. The pair is expected to find its first resistance at 0.9894, and a rise through could take it to the next resistance level of 0.9911.

In a day ahead, investors await wholesale sales data in Canada which is expected to rise 0.3% in June.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.