USDCAD Movement
For the 24 hours to 23:00 GMT on Friday, the USD declined 0.50% against the CAD to close at 0.9927.
In economic news, the Consumer Price index (CPI) in Canada rose 0.2% (MoM) in October, compared to the same rate of growth recorded in the previous month. Market had expected the index to rise 0.1% (MoM) in October. On an annual basis, the CPI rose 1.2% in October, following the same rate of increase recorded in September. On a seasonally adjusted monthly basis, the Bank of Canada’s core CPI advanced 0.1% in October, compared to a flat reading recorded in September.
In the Asian session, at GMT0400, the pair is trading at 0.9923, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 0.9898, and a fall through could take it to the next support level of 0.9874. The pair is expected to find its first resistance at 0.9965, and a rise through could take it to the next resistance level of 1.0006.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
