USDCAD Movement
For the 24 hours to 23:00 GMT, the USD traded marginally lower against the CAD to close at 0.9866.
The Loonie appreciated as better-than-forecast factory data from China signaled stronger demand for Canada’s raw materials.
Meanwhile, on the data front, housing starts in Canada fell to an annual rate of 196.1K in November, from a revised figure of 203.5K recorded in October.
In the Asian session, at GMT0400, the pair is trading at 0.9864, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 0.9855, and a fall through could take it to the next support level of 0.9845. The pair is expected to find its first resistance at 0.9881, and a rise through could take it to the next resistance level of 0.9898.
International merchandise trade data is the key economic indicator scheduled for release today in Canada.
The currency pair is trading below with its 20 Hr and 50 Hr moving averages.
