USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.11% against the CAD to close at 0.9893.
In economic news, Canadian industrial product price index fell 0.5% (MoM) in July, compared to a fall of 0.3% in June. Separately, raw materials price index rose 0.9% (MoM) in July, against the market expectation of 2.0% rise.
Meanwhile, the Teranet-National Bank composite house price index rose 4.8% (YoY) in July, compared to a reading of 5.4% in June.
In the Asian session, at GMT0300, the pair is trading at 0.9904, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 0.9878, and a fall through could take it to the next support level of 0.9853. The pair is expected to find its first resistance at 0.9917, and a rise through could take it to the next resistance level of 0.9931.
Trading trends in the pair today are expected to be determined by the release of current account data in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
