USDCAD Movement
For the 24 hours to 23:00 GMT, the USD slightly rose against the CAD and closed at 1.2755 on Friday.
The Canadian Dollar fell against the USD, after downbeat inflation data in Canada diminished the prospects for a near term interest rate hike.
Data revealed that Canada’s consumer price index (CPI) slowed to 1.4% YoY in October, meeting market expectations and easing for the first time in four months. The CPI had recorded a rise of 1.6% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2789, with the USD trading 0.27% higher against the CAD from Friday’s close.
The pair is expected to find support at 1.2728, and a fall through could take it to the next support level of 1.2667. The pair is expected to find its first resistance at 1.2837, and a rise through could take it to the next resistance level of 1.2885.
With no major macroeconomic releases in Canada today, investors would focus on global macroeconomic events for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
