USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.57% against the CAD and closed at 1.2496.
On the macro front, Canada’s Teranet/National Bank house price index climbed 0.3% on a monthly basis in January. In the previous month, the index had risen 0.2%.
In the Asian session, at GMT0400, the pair is trading at 1.249, with the USD trading slightly lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2430, and a fall through could take it to the next support level of 1.2371. The pair is expected to find its first resistance at 1.2599, and a rise through could take it to the next resistance level of 1.2709.
Ahead in the day, investors would await the release of Canada’s existing home sales data for January.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
