USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 1.3333.
In economic news, Canada’s existing home sales rose 1.8% MoM in October, reaching its second highest level in almost six years, after recording a drop of 2.1% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.334, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3296, and a fall through could take it to the next support level of 1.3252. The pair is expected to find its first resistance at 1.3378, and a rise through could take it to the next resistance level of 1.3416.
Moving ahead, investors will look forward to the BoC review, scheduled to be released later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
