USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.12% against the CAD to close at 1.0035. Loonie rose against the greenback, amid better-than-forecasted Canadian housing data.
The Canada Mortgage and Housing Corporation reported that annual rate of housing starts was 215,600 units in March, compared to 205,300 units in February. Market had expected housing starts rate to decline at 202,000 units.
In the Asian session, at GMT0300, the pair is trading at 1.0019, with the USD trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 1.0002, and a fall through could take it to the next support level of 0.9985. The pair is expected to find its first resistance at 1.0043, and a rise through could take it to the next resistance level of 1.0067.
The pair is expected to trade on the cues from the release of international merchandise trade balance data and New Housing Price Index in Canada.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving average.
