USD/CAD: Loonie trading lower, ahead of Canada’s existing home sales data

USDCAD

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.21% against the CAD and closed at 1.3120 on Friday.

In the Asian session, at GMT0400, the pair is trading at 1.3141, with the USD trading 0.16% higher against the CAD from Friday’s close.

The pair is expected to find support at 1.3112, and a fall through could take it to the next support level of 1.3082. The pair is expected to find its first resistance at 1.3169, and a rise through could take it to the next resistance level of 1.3196.

This afternoon will bring a crucial Canadian release i.e. existing home sales data for December.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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