USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.12% against the CAD and closed at 1.2590.
On the economic front, Canada’s new housing price index unexpectedly eased 0.2% on a monthly basis in February, confounding market expectations for an advance of 0.1%. In the previous month, the index had recorded a flat reading.
In the Asian session, at GMT0300, the pair is trading at 1.2587, with the USD trading slightly lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2567, and a fall through could take it to the next support level of 1.2546. The pair is expected to find its first resistance at 1.2615, and a rise through could take it to the next resistance level of 1.2642.
Ahead in the day, traders would closely monitor Canada’s existing home sales data for March.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
