USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.30% against the CAD to close at 1.0190.
Economic news indicated that foreign investors made a net investment in Canadian securities worth C$14.91 billion in April, more than the market expectations of a net investment of C$3.0 billion. Meanwhile, Canadian portfolio investment in foreign securities narrowed to C$2.81 billion in April, from C$3.81 billion recorded in the previous month.
Additionally, sales of existing homes in Canada rose 3.6% (MoM) in May, its largest monthly gain in almost two and a half years, and compared to a 0.6% rise recorded in April.
In the Asian session, at GMT0300, the pair is trading at 1.0185, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0152, and a fall through could take it to the next support level of 1.0118. The pair is expected to find its first resistance at 1.0213, and a rise through could take it to the next resistance level of 1.0240.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
