USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.13% against the CAD to close at 1.0857, reversing its Friday’s losses triggered by a slowdown in Canada’s month-on-month consumer inflation rate.
In the Asian session, at GMT0300, the pair is trading at 1.0845, with the USD trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 1.0831, and a fall through could take it to the next support level of 1.0818. The pair is expected to find its first resistance at 1.0865, and a rise through could take it to the next resistance level of 1.0886.
With no major economic releases from Canada later today, traders would eye global economic news and the US durable goods orders data for further guidance in the currency pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
