USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.22% against the CAD to close at 1.1030.
The Canadian Dollar gained ground after data revealed that the Canadian raw materials price index advanced by the most in almost three years in February, suggesting that the recovery in the nation is gaining momentum. The raw material price index surpassed analysts’ estimates and rose 5.7% in February, following a 2.8% increase in the preceding month. Likewise, industrial product price in Canada rose 1.0% (MoM) in February, more than market estimates and compared to previous month’s level of 1.4%.
In the Asian session, at GMT0300, the pair is trading at 1.1034, with the USD trading slightly higher from yesterday’s close.
The pair is expected to find support at 1.1006, and a fall through could take it to the next support level of 1.0978. The pair is expected to find its first resistance at 1.1067, and a rise through could take it to the next resistance level of 1.1100.
With no major economic releases from Canada, market participants are expected to eye global economic news for further cues in the currency pair.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
