USDCAD Movement
For the 24 hours to 23:00 GMT on Friday, the USD rose 0.56% against the CAD to close at 1.0081. The Canadian Dollar fell versus its US counterpart after a report showed that nation’s consumer prices declined more-than-forecast last month.
Statistics Canada indicated that on month-on-month basis, consumer prices fell 0.6% in December, compared to a 0.2% drop recorded in the previous month. Market had expected the index to fall 0.2% (MoM) in December.
In the Asian session, at GMT0400, the pair is trading at 1.0082, with the USD trading marginally higher from Friday’s close.
The pair is expected to find support at 1.0036, and a fall through could take it to the next support level of 0.9991. The pair is expected to find its first resistance at 1.0114, and a rise through could take it to the next resistance level of 1.0147.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
