USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined marginally against the CAD to close at 1.0168.
In economic news, the Bank of Canada’s business outlook survey indicated that the overall business lending conditions during the Q12013 dropped largely, reflecting lower demand from corporate borrowers.
In the Asian session, at GMT0300, the pair is trading at 1.0168, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 1.0143, and a fall through could take it to the next support level of 1.0119. The pair is expected to find its first resistance at 1.0204, and a rise through could take it to the next resistance level of 1.0241.
Canada’s housing sector shall be in focus today, with building permits data forecasted to register a gain in February, whereas housing starts data is expected to record a drop for March.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
