USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.25% against the CAD to close at 0.9982.
The Canadian dollar fell on the reports that the durable goods demand in the US, its biggest trading, rose less-than-expected in January. Decline in oil prices further weighed on the Canadian dollar.
In economic news, demand for durable goods in the US rose 2.2% in February, against the market expectation of 3.0% growth. Meanwhile in Canada, House Price Index rose 6.5% (YoY) in January, compared to a rise of 6.8% growth recorded in December.
In the Asian session, at GMT0300, the pair is trading at 0.9981, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 0.9952, and a fall through could take it to the next support level of 0.9922. The pair is expected to find its first resistance at 1.0006, and a rise through could take it to the next resistance level of 1.0030.
Trading trends in the pair today are expected to be determined the release of industrial product price and raw material price index in the Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
