USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.15% against the CAD to close at 1.1819, after the Fed minutes failed to provide any major boost to the greenback.
In economic news, Canada’s Ivey PMI contracted more than expected to 46.7 in December, after registering a level of 56.9 in November and compared to market expectations to drop to a reading of 53.0. Meanwhile, the nation’s international merchandise trade deficit widened to C$0.64 billion in November, following a revised international merchandise trade deficit of C$0.33 billion in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.1824, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.1795, and a fall through could take it to the next support level of 1.1766. The pair is expected to find its first resistance at 1.1865, and a rise through could take it to the next resistance level of 1.1905.
Trading trends in the CAD today are expected to be determined by new housing price index data, scheduled later today.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
