USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.14% against the CAD to close at 1.0325.
In economic news, an official report from Canada showed that the nation’s new housing price index rose 0.2% (MoM) in July, surpassing analysts’ call for a 0.1% increase and following a 0.2% growth seen in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0325, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 1.0307, and a fall through could take it to the next support level of 1.0290. The pair is expected to find its first resistance at 1.0341, and a rise through could take it to the next resistance level of 1.0358.
Investors await an official report on Canada’s capacity utilization, due to be released later during the day, for further guidance.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
