USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.34% against the CAD and closed at 1.3250 on Friday.
Data showed that Canada’s existing home sales unexpectedly rebounded 3.6% on a monthly basis in January, defying market anticipations for a drop of 0.6%. In the previous month, existing home sales had recorded a fall of 2.5%.
In the Asian session, at GMT0400, the pair is trading at 1.3230, with the USD trading 0.15% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.3199, and a fall through could take it to the next support level of 1.3168. The pair is expected to find its first resistance at 1.3287, and a rise through could take it to the next resistance level of 1.3344.
In absence of key economic releases in Canada today, investor sentiment would be determined by global macroeconomic events.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
