USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.19% against the CAD to close at 1.0280, bolstered by well-received business inventories and retail sales data in the US, which suggested that the nation’s economy is strengthening.
In the Asian session, at GMT0400, the pair is trading at 1.0270, with the USD trading 0.10% lower from yesterday’s close.
The pair is expected to find support at 1.0244, and a fall through could take it to the next support level of 1.0217. The pair is expected to find its first resistance at 1.0297, and a rise through could take it to the next resistance level of 1.0323.
In Canada, capacity utilization and the new housing price index data is scheduled for release later today, however, investors do not seem much hopeful of receiving any robust figures from the two indicators.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
