USDCAD Movement
For the 24 hours to 23:00 GMT, the USD slightly declined against the CAD and closed at 1.3315.
Data indicated that Canada’s existing home sales rose 3.5% on a monthly basis in July, higher than market consensus for a gain of 3.3%. Existing home sales had registered a drop of 0.2% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3316, with the USD trading marginally higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3288, and a fall through could take it to the next support level of 1.3261. The pair is expected to find its first resistance at 1.3341, and a rise through could take it to the next resistance level of 1.3367.
Going forward, traders would await Canada’s manufacturing shipments and consumer price index, both slated to release next week.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
