USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.30% against the CAD to close at 1.0453. The Canadian Dollar declined against the US Dollar, as a fall in the price of crude oil, Canada’s biggest export, weighed on the growth prospect of the nation.
In the Asian session, at GMT0400, the pair is trading at 1.0444, with the USD trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 1.0423, and a fall through could take it to the next support level of 1.0402. The pair is expected to find its first resistance at 1.0464, and a rise through could take it to the next resistance level of 1.0484.
Investors await Canada’s building permit and Ivey PMI data, scheduled to be released later today, for additional cues in the loonie.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
