USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.11% against the CAD to close at 0.9983.
On the economic news, Consumer Price Index in Canada rose to 2.6% (YoY) in February, following an increase of 2.5% in January. Meanwhile, in the US, new home sales fell 1.6% to a seasonally adjusted 313,000 in February, against the market expectation of a 325,000 rise.
In the Asian session, at GMT0300, the pair is trading at 0.9976, with the USD trading 0.07% lower from Friday’s close.
The pair is expected to find support at 0.9949, and a fall through could take it to the next support level of 0.9923. The pair is expected to find its first resistance at 1.0019, and a rise through could take it to the next resistance level of 1.0061.
With no major release from Canada, the pair is expected to trade on trends in the greenback.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
