USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.36% against the CAD to close at 0.9786. The Canadian Dollar was bolstered after nations’ trade deficit narrowed and amid a rise in its new housing price index.
Canada’s trade deficit narrowed to $1.3 billion in August, from a revised $2.5 billion deficit in July. Meanwhile, the new housing price index rose 0.2% (MoM) in September, against expected rise of 0.1%.
In the Asian session, at GMT0300, the pair is trading at 0.9787, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.9760, and a fall through could take it to the next support level of 0.9732. The pair is expected to find its first resistance at 0.9818, and a rise through could take it to the next resistance level of 0.9849.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
