USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.42% against the CAD to close at 1.0312. The demand for the risk-on, Loonie rose after the US President, Barack Obama, postponed a decision on military strikes against Syria and pursued a diplomatic solution to ensure that the Syrian regime fulfils its commitment to handover its chemical weapons to international control.
In the Asian session, at GMT0300, the pair is trading at 1.0319, with the USD trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 1.0293, and a fall through could take it to the next support level of 1.0267. The pair is expected to find its first resistance at 1.0356, and a rise through could take it to the next resistance level of 1.0393.
Investors are expected to keep a close watch on Canada’s new housing price index data, expected to be released later during the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
