USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.25% against the CAD and closed at 1.2768.
Macroeconomic data revealed that Canada’s existing home sales rose 0.9% on a monthly basis in October, climbing for a third straight month, thus indicating that the nation’s housing market remains on a strong footing in the final quarter of the year. Existing home sales had recorded a gain of 2.1% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2767, with the USD trading marginally lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2724, and a fall through could take it to the next support level of 1.2680. The pair is expected to find its first resistance at 1.2800, and a rise through could take it to the next resistance level of 1.2832.
Ahead in the day, Canada’s manufacturing shipments for September, will be on investors’ radar.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
