USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.56% against the CAD and closed at 1.3231.
Data showed that Canada’s new housing price index fell 0.2% on an annual basis in June, compared to a flat reading in the prior month. Market participants had envisaged for the index to register a drop of 0.1%.
In the Asian session, at GMT0300, the pair is trading at 1.3216, with the USD trading 0.11% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3183, and a fall through could take it to the next support level of 1.3151. The pair is expected to find its first resistance at 1.3280, and a rise through could take it to the next resistance level of 1.3344.
Trading trend in the Loonie today, is expected to be determined by Canada’s housing starts and unemployment rate for July along with building permits for June, set to release later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
