USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined marginally against the CAD to close at 1.1080, following a weak ADP private sector employment data in January.
On the economic front, the Statistics Canada reported that building permits in Canada declined 4.1% (MoM) in December, defying analysts’ call for a 2.0% rise and compared to a 6.6% drop registered in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.1066, with the USD trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1.1027, and a fall through could take it to the next support level of 1.0988. The pair is expected to find its first resistance at 1.1114, and a rise through could take it to the next resistance level of 1.1162.
Traders keenly await the release of Canada’s trade balance and Ivey purchasing managers index (PMI) data, due later today, for further guidance in the Loonie.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
