USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.36% against the CAD and closed at 1.3114.
In economic news, Canada’s housing starts dropped to a level of 198.4K in July, indicating a slowdown in nation’s housing market, compared to a level of 218.3K in the preceding month while markets expected it to fall to a level of 191.0K.
In the Asian session, at GMT0300, the pair is trading at 1.3066, with the USD trading 0.37% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3012, and a fall through could take it to the next support level of 1.2959. The pair is expected to find its first resistance at 1.3154, and a rise through could take it to the next resistance level of 1.3243.
The currency pair is trading/showing convergence with its 20 Hr and 50 Hr moving average.
