Canadian Dollar Trading Lower Ahead Of The BoC Interest Rate Decision

Canadian Dollar Trading Lower Ahead Of The BoC Interest Rate Decision

For the 24 hours to 23:00 GMT, the USD declined marginally against the CAD to close at 0.9920. Canadian retail sales data was mixed, as core retail sales data came well below forecast but overall retail sales made a turnabout, as data came in above market expectations.

The overall retail sales rose 0.2% (MoM) to C$39.4 billion ($39.7 billion) in November, for the fifth straight month, following a revised 0.5% gain in October.

In the Asian session, at GMT0400, the pair is trading at 0.9925, with the USD trading marginally higher from yesterday’s close.

The pair is expected to find support at 0.9906, and a fall through could take it to the next support level of 0.9886. The pair is expected to find its first resistance at 0.9946, and a rise through could take it to the next resistance level of 0.9966.

The Bank of Canada monetary policy report and the BoC interest rate decision due later today are likely to receive increased market attention.