USD/CAD: Canada’s new house prices edged up in May


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.21% against the CAD and closed at 1.3596.

On the macro front, Canada’s new housing price index rose 0.1% on a monthly basis in May, less than market expectations for a rise of 0.2% and compared to a flat reading in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.3597, with the USD trading 0.01% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3541, and a fall through could take it to the next support level of 1.3484. The pair is expected to find its first resistance at 1.3635, and a rise through could take it to the next resistance level of 1.3672.

Trading trend in the pair today is expected to be determined by Canada’s retail sales for April, slated to release later today.

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

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