USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.55% against the CAD to close at 1.0223. The Canadian dollar registered gains on the back of higher commodity prices and positive Canadian economic data.
In economic news, Statistics Canada reported that the new housing price index (NHPI) in Canada rose 0.1% in January, in line with the market expectations and compared to a 0.20% rise reported in the previous month. Meanwhile, Canadian industries operated at 80.7% of their production capacity in the Q42012, down slightly from the revised 81.1% in the Q32012.
In the Asian session, at GMT0400, the pair is trading at 1.0222, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0196, and a fall through could take it to the next support level of 1.0171. The pair is expected to find its first resistance at 1.0263, and a rise through could take it to the next resistance level of 1.0305.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
