USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.16% against the CAD to close at 1.0979, following dismal US retail sales and initial jobless claims data.
In Canada, the new housing price index rose 0.1% on a monthly basis in December, in-line with market estimates and compared to a flat reading recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.0954, with the USD trading 0.23% lower from yesterday’s close.
The pair is expected to find support at 1.0927, and a fall through could take it to the next support level of 1.0899. The pair is expected to find its first resistance at 1.1005, and a rise through could take it to the next resistance level of 1.1055.
Market participants are expected to keep a tab on Canada’s manufacturing shipments data, slated for release later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
