USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.82% against the CAD to close at 1.0232, as a slump in oil prices pressured the Canadian Dollar and as the greenback continued to be lifted on the back of global growth concerns. The Canadian Dollar also fell on disappointing US manufacturing and housing data. In economic news, the Canadian Real Estate Association (CREA) reported that, sales of existing homes in Canada advanced 2.4% (MoM) in March after decreasing 2.10% in February.
In the Asian session, at GMT0300, the pair is trading at 1.0222, with the USD trading 0.10% lower from yesterday’s close.
The pair is expected to find support at 1.0177, and a fall through could take it to the next support level of 1.0132. The pair is expected to find its first resistance at 1.0264, and a rise through could take it to the next resistance level of 1.0306.
In economic releases, Canada’s manufacturing shipments data is due for release later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
