USD/CAD: Canada’s existing home sales dropped in January


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.03% against the CAD and closed at 1.2485. Gains in the loonie were limited following dovish talks by the Bank of Canada Deputy Governor, Lawrence Schembri. Also, Canada’s existing home sales plunged 14.5% on a monthly basis in January, compared to a rise of 4.5% in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.2474, with the USD trading 0.09% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2448, and a fall through could take it to the next support level of 1.2421. The pair is expected to find its first resistance at 1.2519, and a rise through could take it to the next resistance level of 1.2563.

Ahead in the day, investors would await the release of Canada’s manufacturing sales data for December.

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

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