USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.09% against the CAD and closed at 1.2865 on Friday.
Macroeconomic data revealed that Canada’s seasonally adjusted housing starts unexpectedly advanced to a level of 252.2K in November, compared to a revised reading of 222.7K in the prior month and defying market anticipations for a fall to a level of 213.0K.
In the Asian session, at GMT0400, the pair is trading at 1.2846, with the USD trading 0.15% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.2808, and a fall through could take it to the next support level of 1.277. The pair is expected to find its first resistance at 1.2882, and a rise through could take it to the next resistance level of 1.2918.
With no macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
