USDCAD Movement
For the 24 hours to 23:00 GMT on Friday, the USD rose 0.58% against the CAD to close at 1.0068. The Canadian Dollar staged a sharp decline against the US Dollar on Friday, after weaker-than-forecast Canadian manufacturing sales data added to concerns over the outlook for the economy. Meanwhile, existing homes sales in Canada rose in January from December, but dropped year over year.
Statistics Canada revealed that manufacturing sales declined 3.1% (MoM) to $48.0 billion in December, compared to a revised 1.9% rise recorded in the previous month, while the Canadian Real Estate Association reported that existing home sales in Canada edged up 1.3% (MoM) in January from December.
In the Asian session, at GMT0400, the pair is trading at 1.0076, with the USD trading marginally higher from Friday’s close.
The pair is expected to find support at 1.0023, and a fall through could take it to the next support level of 0.9969. The pair is expected to find its first resistance at 1.0107, and a rise through could take it to the next resistance level of 1.0137.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
