USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.48% against the CAD to close at 1.0167. The Canadian Dollar gained on the back of better-than-expected rise in US durable goods orders in February and the US housing data that showed recovery remained on track. Rise in crude prices also bolstered Loonie.
In the Asian session, at GMT0400, the pair is trading at 1.0174, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0150, and a fall through could take it to the next support level of 1.0127. The pair is expected to find its first resistance at 1.0204, and a rise through could take it to the next resistance level of 1.0235.
In economic release in Canada today, official data on consumer inflation, which accounts for a majority of overall inflation, is expected to show slight improvement in February.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
