USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.55% against the CAD to close at 1.0175. The Canadian Dollar came under selling pressure after Canadian home prices dropped for the fifth consecutive month and as oil prices retreated.
Yesterday, according to the Teranet-National Bank, Canadian home prices slipped 0.3% (MoM) in January, for the fifth consecutive month, from a 0.4% drop recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.0183, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0130, and a fall through could take it to the next support level of 1.0077. The pair is expected to find its first resistance at 1.0212, and a rise through could take it to the next resistance level of 1.0241.
Later during the day, the Bank of Canada (BoC) review is scheduled for release, wherein its quarterly publication is awaited to give further insight to the Canadian economy.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
