USD/CAD: Canada’s new house price index rose as estimated in July


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose slightly against the CAD and closed at 1.3001.

Data indicated that, Canada’s new housing price index advanced 0.1% on a monthly basis in July, in line with market expectations. In the previous month, the index had registered a similar rise.

In the Asian session, at GMT0300, the pair is trading at 1.2992, with the USD trading 0.07% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2970, and a fall through could take it to the next support level of 1.2948. The pair is expected to find its first resistance at 1.3020, and a rise through could take it to the next resistance level of 1.3048.

Looking ahead, traders would await Canada’s consumer price index, existing home sales and manufacturing sales, all set to release next week

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

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