USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.40% against the CAD to close at 1.0167. The Canadian dollar benefitted from a surge in oil prices and positive Canadian new housing price index. Canada’s New Housing Price Index (NHPI) rose 0.2% (MoM) in April, more than the market expectations of a 0.1% rise.
Additionally, Canadian industries operated at 81.1% of their production capacity in the Q1 2013, up from a downwardly revised 80.5% capacity utilisation in the Q4 2012.
In the Asian session, at GMT0300, the pair is trading at 1.0178, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.0139, and a fall through could take it to the next support level of 1.0101. The pair is expected to find its first resistance at 1.0222, and a rise through could take it to the next resistance level of 1.0267.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
