USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.39% against the CAD to close at 1.0928. CAD gained ground after Canada’s housing starts rose unexpectedly for a fourth straight monthly, as the seasonally adjusted annual rate of housing starts rose to 200,098 units in July, from June’s total of 198,665 units.
In the Asian session, at GMT0300, the pair is trading at 1.094, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.0913, and a fall through could take it to the next support level of 1.0885. The pair is expected to find its first resistance at 1.0973, and a rise through could take it to the next resistance level of 1.1005.
Amid lack of economic releases from Canada today, trading trends in the CAD today are expected to be determined by global events/news.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
