USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.30% against the CAD and closed at 1.3411 on Friday.
In economic news, Canada’s unemployment rate remained steady at a rate of 5.8% in February, in line with market expectations. Meanwhile, the nation’s seasonally adjusted housing starts dropped to a level of 173.1K in February, more than market expectations for a fall to a level of 205.0K. Housing starts had recorded a revised reading of 206.8K in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3427, with the USD trading 0.12% higher against the CAD from Friday’s close.
The pair is expected to find support at 1.3390, and a fall through could take it to the next support level of 1.3353. The pair is expected to find its first resistance at 1.3465, and a rise through could take it to the next resistance level of 1.3503.
Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
