USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.26% against the CAD and closed at 1.2426.
Macroeconomic data revealed that Canada’s existing home sales climbed 4.5% MoM in December, rising for the fifth straight month. In the previous month, existing home sales had advanced 3.9%.
In the Asian session, at GMT0400, the pair is trading at 1.2433, with the USD trading 0.06% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2404, and a fall through could take it to the next support level of 1.2374. The pair is expected to find its first resistance at 1.2462, and a rise through could take it to the next resistance level of 1.2490.
With no macroeconomic releases in Canada today, investors would focus on global macroeconomic news for further direction.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
