USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.48% against the CAD and closed at 1.3177.
On the macroeconomic front, Canada’s existing home sales fell 1.6% on a monthly basis in October, more than market consensus for a drop of 0.2%. In the preceding month, existing home sales had registered a fall of 0.4%.
In the Asian session, at GMT0400, the pair is trading at 1.3159, with the USD trading 0.14% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3127, and a fall through could take it to the next support level of 1.3095. The pair is expected to find its first resistance at 1.3215, and a rise through could take it to the next resistance level of 1.3271.
Trading trend in the Loonie today is expected to be determined by Canada’s manufacturing sales for September, slated to release later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
