USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.47% against the CAD and closed at 1.2654 on Friday.
The Canadian Dollar gained ground against the USD on Friday, after Canada’s consumer price index (CPI) rose more-than-estimated by 1.7% on an annual basis in January, compared to a gain of 1.9% in the previous month, while markets were anticipating for an advance of 1.5%.
In the Asian session, at GMT0400, the pair is trading at 1.2631, with the USD trading 0.18% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.2593, and a fall through could take it to the next support level of 1.2554. The pair is expected to find its first resistance at 1.2698, and a rise through could take it to the next resistance level of 1.2764.
In absence of any macroeconomic releases in Canada today, investor sentiment would be determined by global macroeconomic factors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
