USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.13% against the CAD to close at 1.0257. The Canadian Dollar registered gains after the Federal Reserve indicated to maintain its stimulus measures, raising growth expectations in the Canada’s biggest trading partner.
On the economic front, the Teranet and National Bank of Canada reported that the house price index in Canada climbed 2.7% (YoY) in February, following a similar rise recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.0249, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0231, and a fall through could take it to the next support level of 1.0212. The pair is expected to find its first resistance at 1.0273, and a rise through could take it to the next resistance level of 1.0296.
Investors hope for positive Canadian retail sales figures for January that is expected to release ahead in the day.
The currency pair is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
