USD/CAD: Canada’s existing home sales reach highest level since April 2016 in February


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 1.36% against the CAD and closed at 1.3297.

In economic news, Canada’s existing home sales advanced 5.2% MoM in February, hitting its highest level since April 2016. In the prior month, existing home sales had registered a drop of 1.3%.

In the Asian session, at GMT0400, the pair is trading at 1.3308, with the USD trading 0.08% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3233, and a fall through could take it to the next support level of 1.3157. The pair is expected to find its first resistance at 1.3431, and a rise through could take it to the next resistance level of 1.3553.

In the absence of any relevant economic releases in Canada today, investor sentiment would be governed by global macroeconomic events.

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

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