USDCAD Movement
On Friday, the USD rose 0.13% against the CAD to close at 1.0391.
According to the Teranet and the National Bank of Canada, the composite house price index in Canada rose 1.0% (MoM) to a reading of 157.0 in June, compared to a 1.1% rise registered in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0388, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 1.0360, and a fall through could take it to the next support level of 1.0332. The pair is expected to find its first resistance at 1.0411, and a rise through could take it to the next resistance level of 1.0434.
Existing home sales data due today is expected to shed more light on the housing sector in Canada.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
