USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.17% against the CAD to close at 1.1058. The Canadian Dollar gave up ground against the US Dollar after data showed that, on a seasonally adjusted annual basis, housing starts in Canada fell more-than-expected to 180,200 units in January, from a reading of 187,100 units recorded in the preceding month.
Separately, the Bank of Canada (BoC) Deputy Governor, John Murray, opined that a weakness in the Canadian Dollar and a strengthening of the global economy would foster broader economic growth in the Canada. He further indicated that inflation in the economy would probably return to 2% over the period of the next two years.
In the Asian session, at GMT0400, the pair is trading at 1.1073, with the USD trading 0.14% higher from yesterday’s close.
The pair is expected to find support at 1.1028, and a fall through could take it to the next support level of 1.0983. The pair is expected to find its first resistance at 1.1105, and a rise through could take it to the next resistance level of 1.1137.
Going forward, traders would look forward to the federal government’s annual budget plan to be presented by the Canadian Finance Minister, Jim Flaherty.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
