USDCAD Movement
On Friday, the USD rose 0.16% against the CAD to close at 1.1041, ahead of a busy week.
In the Asian session, at GMT0300, the pair is trading at 1.1035, with the USD trading slightly lower from Friday’s close.
The pair is expected to find support at 1.1015, and a fall through could take it to the next support level of 1.0994. The pair is expected to find its first resistance at 1.1052, and a rise through could take it to the next resistance level of 1.1068.
With no major economic releases in Canada, traders would eye global economic news, along with the US pending home sales and the Dallas Fed PMI data, for further guidance in the currency pair.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
