USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.44% against the CAD and closed at 1.3376.
Data showed that Canada’s new housing price index rebounded 0.1% on a yearly basis in February, in line with market expectations. In the prior month, the index had recorded a drop of 0.1%.
In the Asian session, at GMT0300, the pair is trading at 1.3370, with the USD trading a tad lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3339, and a fall through could take it to the next support level of 1.3309. The pair is expected to find its first resistance at 1.3398, and a rise through could take it to the next resistance level of 1.3427.
Going forward, investors would closely monitor Canada’s existing home sales, manufacturing shipments and the consumer price index, all set to release next week.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
