USD/CAD: Canada’s new house price index came in better-than-anticipated in May


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.2% against the CAD and closed at 1.2733.

Macroeconomic data indicated that Canada’s new housing price index rose more-than-expected by 0.7% on a monthly basis in May, compared to market expectations for a rise of 0.3%. The index had recorded a rise of 0.8% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.2729, with the USD trading slightly lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2710, and a fall through could take it to the next support level of 1.2690. The pair is expected to find its first resistance at 1.2760, and a rise through could take it to the next resistance level of 1.2790.

Moving ahead, Canada’s consumer price index, retail sales and existing home sales data, all due to release next week, will be on investors’ radar.

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

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