USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.54% against the CAD and closed at 1.2321 on Friday.
On the economic front, Canada’s consumer price index (CPI) climbed 1.9% on an annual basis in December, in line with market expectations and compared to an advance of 2.1% in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.2331, with the USD trading 0.08% higher against the CAD from Friday’s close.
The pair is expected to find support at 1.2296, and a fall through could take it to the next support level of 1.2260. The pair is expected to find its first resistance at 1.2364, and a rise through could take it to the next resistance level of 1.2396.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
