USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.10% against the CAD to close at 1.0224.
On the economic front, the foreign securities purchases hit a four-month high, as a report by Statistics Canada indicated that non-residents increased their investments in Canadian securities by C$13.34 billion in January, the biggest one-month purchase since September, compared to a decrease of C$1.92 billion recorded in the previous month. Market had expected foreign portfolio investment in Canadian securities to rise by C$7.85 billion in January.
In the Asian session, at GMT0400, the pair is trading at 1.0219, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0196, and a fall through could take it to the next support level of 1.0173. The pair is expected to find its first resistance at 1.0247, and a rise through could take it to the next resistance level of 1.0275.
Canada’s wholesale sales and manufacturing shipments, scheduled for release later today, are both expected to show some improvement in figures in January.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
