USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.16% against the CAD to close at 1.0356, as investors’ appetite for risk-taking increased after media reports highlighted Syria’s willingness to yield to Russian proposal to submit its chemical weapons to international control. However, Loonie’s gains were capped after a government report showed that, on a seasonally adjusted yearly basis, the housing starts in Canada declined to a level of 180,300 in August, more than market expectation for a decline to 189,000 and compared to a reading of 193,000 registered in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0361, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0332, and a fall through could take it to the next support level of 1.0304. The pair is expected to find its first resistance at 1.0385, and a rise through could take it to the next resistance level of 1.0410.
With no major economic release in Canada, traders eye global economic news for further direction.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
