USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.42% against the CAD to close at 1.0673.
The US Dollar lost momentum, after the number of Americans filing new claims for unemployment benefits rose last week to the highest level in nearly nine months, heightening concerns about the US labour market. Adding to the downbeat sentiment was data revealing that the existing-home sales in the US declined for the third straight month in November and the Philly Fed manufacturing index recording a lower than expected reading.
In the Asian session, at GMT0400, the pair is trading at 1.0667, with the USD trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.0641, and a fall through could take it to the next support level of 1.0615. The pair is expected to find its first resistance at 1.0711, and a rise through could take it to the next resistance level of 1.0755.
Trading trends in the pair today are expected to be determined by retail sales and consumer price data from Canada.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
