USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 1.3937.
The Canadian dollar lost ground, after Canada’s consumer price index (CPI) surprisingly declined in November.
Data showed that Canada’s CPI fell 0.1% MoM in November, against market expectations for an advance of 0.1% and registering a similar rise in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3928, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 1.3854, and a fall through could take it to the next support level of 1.378. The pair is expected to find its first resistance at 1.4003, and a rise through could take it to the next resistance level of 1.4077.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
