USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.3% against the CAD and closed at 1.2485.
On the macro front, Canada’s Teranet/National Bank house price index rebounded 0.2% on a monthly basis in December. In the previous month, the index had recorded a fall of 0.5%.
In the Asian session, at GMT0400, the pair is trading at 1.2452, with the USD trading 0.26% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.2408, and a fall through could take it to the next support level of 1.2364. The pair is expected to find its first resistance at 1.2526, and a rise through could take it to the next resistance level of 1.2600.
Ahead in the day, market participants would look forward to Canada’s existing home sales data for December.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
