USDCAD Movement
For the 24 hours to 23:00 GMT, the USD traded marginally higher against the CAD to close at 1.0979.
The Canadian Dollar came under pressure, as housing starts in Canada fell more than expected, dropping 192,400 units in August, from previous month’s 199,800. Analysts had expected Canadian housing starts to decline to 195,000 units.
In the Asian session, at GMT0300, the pair is trading at 1.0974, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0942, and a fall through could take it to the next support level of 1.0911. The pair is expected to find its first resistance at 1.1019, and a rise through could take it to the next resistance level of 1.1065.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
