USD/CAD: Canada’s existing home sales advanced less-than-expected in March


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.36% against the CAD and closed at 1.3373.

Data indicated that the Canada’s existing home sales rose 0.9% on a monthly basis in March, undershooting market expectations for an advance of 2.0%. Existing home sales had recorded a drop of 9.1% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.3386, with the USD trading 0.10% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3324, and a fall through could take it to the next support level of 1.3263. The pair is expected to find its first resistance at 1.3420, and a rise through could take it to the next resistance level of 1.3455.

Trading trend in the Loonie today, is expected to be determined by Canada’s manufacturing shipments for February, scheduled to release later in the day.

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

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