USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.27% against the CAD to close at 1.0537. The Loonie registered gains as Canadian housing starts dropped less than expected in June and following a rise in oil prices. Moreover, the International Monetary Fund upgraded Canada’s growth expectations for 2013 to 1.7% from 1.5%, but warned that the overall global conditions remain uneven, weak and perilous.
On the economic front, Canada’s seasonally adjusted annual housing starts fell to 199.6K units in June, much better than the expected 187.5K housing starts.
In the Asian session, at GMT0300, the pair is trading at 1.0526, with the USD trading 0.10% lower from yesterday’s close.
The pair is expected to find support at 1.0502, and a fall through could take it to the next support level of 1.0479. The pair is expected to find its first resistance at 1.0557, and a rise through could take it to the next resistance level of 1.0589.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
