USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.67% against the CAD and closed at 1.2767.
Macroeconomic data showed that Canada’s new housing price index remained flat on a monthly basis in March, in line with market expectations. In the prior month, the index had dropped 0.2%.
In the Asian session, at GMT0300, the pair is trading at 1.2769, with the USD trading marginally higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2727, and a fall through could take it to the next support level of 1.2686. The pair is expected to find its first resistance at 1.2826, and a rise through could take it to the next resistance level of 1.2884.
This afternoon will bring a crucial Canadian economic release, namely the unemployment rate data for April.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
