USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.8% against the CAD and closed at 1.3057.
The Canadian Dollar declined against the USD, after Canada’s existing home sales slid 6.5% on a monthly basis in February, intensifying concerns over the health of the nation’s housing sector. In the previous month, existing home sales had registered a drop of 14.5%.
In the Asian session, at GMT0400, the pair is trading at 1.3060, with the USD trading slightly higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2980, and a fall through could take it to the next support level of 1.2900. The pair is expected to find its first resistance at 1.3106, and a rise through could take it to the next resistance level of 1.3152.
Ahead in the day, investors would keep a close watch on Canada’s manufacturing sales data for January.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
