USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.11% against the CAD and closed at 1.3150,
Data indicated that Canada’s seasonally adjusted consumer price inflation slowed to 1.4% on a yearly basis in January, on the back of lower gasoline prices and compared to a level of 2.0% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3153, with the USD trading marginally higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3122, and a fall through could take it to the next support level of 1.3091. The pair is expected to find its first resistance at 1.318, and a rise through could take it to the next resistance level of 1.3207.
Moving ahead, traders would keep an eye on Canada’s CFIB business barometer for February, set to release later in the day.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
