USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.76% against the CAD to close at 0.9686, after the Federal Reserve announced a third round of stimulus measures to boost economic growth in the US.
In Canada, new housing price index rose 0.1% (MoM) in July, in line with the market expectation, and following a 0.2% rise in June. Additionally, capacity utilization rate edged up to 81.0% for the April-to-June, highest level in nearly five years, compared to previous quarter’s reading of 80.5%.
In the Asian session, at GMT0300, the pair is trading at 0.9666, with the USD trading 0.21% lower from yesterday’s close.
The pair is expected to find support at 0.9629, and a fall through could take it to the next support level of 0.9593. The pair is expected to find its first resistance at 0.9738, and a rise through could take it to the next resistance level of 0.9811.
In Canada, with only manufacturing shipments data on tap later today, the general market tone is likely to govern the movement in the pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
