USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.11% against the CAD to close at 1.0846.
On the economic front, sales of existing homes in Canada jumped 5.9% in May, its largest month-over-month increase in nearly four years. Separately, another report revealed that foreign inventors invested $10.13 billion in Canadian securities while Canadian investors invested $2.49 billion in foreign portfolio.
In the Asian session, at GMT0300, the pair is trading at 1.0853, with the USD trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 1.0830, and a fall through could take it to the next support level of 1.0807. The pair is expected to find its first resistance at 1.0880, and a rise through could take it to the next resistance level of 1.0907.
With no major economic releases from Canada, later today, traders would eye global economic news, along with US consumer inflation data, for further cues in the currency pair.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
