USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 1.79% against the CAD and closed at 1.3222.
On the macro front, Canada’s consumer price index rose 2.4% on an annual basis in January, driven by a rise in gasoline prices and compared to a rise of 2.2% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3234, with the USD trading 0.09% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3213, and a fall through could take it to the next support level of 1.3192. The pair is expected to find its first resistance at 1.3254, and a rise through could take it to the next resistance level of 1.3274.
Trading trend in the pair today is expected to be determined by Canada’s new housing price index and the ADP employment change, both for January, slated to release later in the day.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
