USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.18% against the CAD to close at 1.0638. However, earlier in the trading session, the Canadian loonie gave up ground against the US Dollar after data showed that, on a seasonally adjusted annual basis, Canadian housing starts declined more than market expectations to a reading of 192,200 in November, compared to previous month’s level of 198,200.
In the Asian session, at GMT0400, the pair is trading at 1.0633, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0614, and a fall through could take it to the next support level of 1.0596. The pair is expected to find its first resistance at 1.0661, and a rise through could take it to the next resistance level of 1.0690.
With no major economic releases from Canada, market participants are expected to keep an eye on global economic news for cues in the pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
