USDCAD Movement
For the 24 hours to 23:00 GMT, the USD gained 0.32% against the CAD to close at 1.1477. The CAD lost ground after the BoC Governor, Stephen Poloz warned that Canada’s overvalued housing market and household debt still remained the main concern of the nation’s economy.
In the Asian session, at GMT0400, the pair is trading at 1.1465, with the USD trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 1.1431, and a fall through could take it to the next support level of 1.1397. The pair is expected to find its first resistance at 1.1501, and a rise through could take it to the next resistance level of 1.1538.
Meanwhile, market participants look forward to Canada’s new housing price index data, scheduled later today.
The currency pair is showing convergence with its 20 Hr moving average and trading just below its 50 Hr moving average.
