USD/CAD: Canada’s consumer price inflation slowed in February


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 10.93% against the CAD and closed at 1.4468.

On the data front, Canada’s consumer price index rose 2.2% on a yearly basis in February, surpassing market expectations for a rise of 2.1% and compared to a rise of 2.4% in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.4651, with the USD trading 1.26% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.4323, and a fall through could take it to the next support level of 1.3994. The pair is expected to find its first resistance at 1.4824, and a rise through could take it to the next resistance level of 1.4996.

Looking forward, participants would keep a close watch on Canada’s new housing price index and ADP employment change, both for February, slated to release later today.

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

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