USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.48% against the CAD to close at 1.0934, benefited from an upbeat weekly US jobless claims data. Meanwhile, the Canadian Dollar lost ground even after Canada’s new housing price index rose more than forecast 0.2% (MoM) in February, following a 0.3% gain in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0931, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0889, and a fall through could take it to the next support level of 1.0848. The pair is expected to find its first resistance at 1.0957, and a rise through could take it to the next resistance level of 1.0984.
Amid lack of economic release from Canada later today, traders would eye global economic news for further cues in the Loonie.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
