USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.15% against the CAD and closed at 1.3440.
Data showed that Canada’s seasonally adjusted consumer price index (CPI) advanced 2.0% on a yearly basis in April, on the back of carbon tax and in line with market expectations. The index had recorded a reading of 1.9% in the preceding month. Moreover, the nation’s existing home sales jumped 3.6% on a monthly basis in April, compared to an advance of 0.9% in the prior month. Market participants had anticipated existing home sales to record a gain of 1.8%.
In the Asian session, at GMT0300, the pair is trading at 1.3437, with the USD trading marginally lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3411, and a fall through could take it to the next support level of 1.3386. The pair is expected to find its first resistance at 1.3478, and a rise through could take it to the next resistance level of 1.3520.
Trading trend in the Loonie today, is expected to be determined by Canada’s manufacturing shipments for March, scheduled to release later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
