USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.33% against the CAD to close at 0.9747.
The Loonie came under pressure after the Canadian Real Estate Association (CREA) reported that home sales in Canada fell 5.8% (MoM) in August. Following the release of the data, the CREA lowered its 2012 and 2013 outlook for home sales.
In the Asian session, at GMT0300, the pair is trading at 0.9742, with the USD trading 0.05% lower from yesterday’s close.
The pair is expected to find support at 0.9704, and a fall through could take it to the next support level of 0.9666. The pair is expected to find its first resistance at 0.9770, and a rise through could take it to the next resistance level of 0.9798.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
