USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.36% against the CAD to close at 1.2471. The CAD gained ground, after Canadian housing starts surprisingly rose to a level of 187.3 K in January, compared to a revised reading of 179.6 K in the previous month. Markets were expecting it to fall to a level of 178.5 K.
In the Asian session, at GMT0400, the pair is trading at 1.2455, with the USD trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 1.2412, and a fall through could take it to the next support level of 1.2368. The pair is expected to find its first resistance at 1.2511, and a rise through could take it to the next resistance level of 1.2567.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
