USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.51% against the CAD to close at 1.2862, after US consumer prices dropped in September.
In economic news, Canada’s existing home sales fell 2.1% MoM in September, compared to a 0.3% rise in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2873, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.2819, and a fall through could take it to the next support level of 1.2766. The pair is expected to find its first resistance at 1.2938, and a rise through could take it to the next resistance level of 1.3004.
Moving ahead, market participants will closely watch the BoC interest rate decision, Canada’s retail sales and consumer price inflation data, all scheduled to be released next week, for further cues.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
