USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.11% against the CAD to close at 1.0855, following the release of soft US retail sales and weekly jobless claims data. Meanwhile, a rise in oil prices supported the demand for Canadian Dollar.
In economic news, Canadian new housing price index edged up by 0.2% as expected in April while Canadian businesses utilised the highest level of capacity in nearly seven years in the first quarter.
In the Asian session, at GMT0300, the pair is trading at 1.0857, with the USD trading slightly higher from yesterday’s close.
The pair is expected to find support at 1.0840, and a fall through could take it to the next support level of 1.0824. The pair is expected to find its first resistance at 1.0872, and a rise through could take it to the next resistance level of 1.0888.
During the later course of the day, the Statistics Canada is expected to report the trend in Canada’s manufacturing shipment for April.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
