USDCAD Movement
For the 24 hours to 23:00 GMT, the USD marginally declined against the CAD and closed at 1.2596.
In the Asian session, at GMT0300, the pair is trading at 1.2602, with the USD trading slightly higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2548, and a fall through could take it to the next support level of 1.2495. The pair is expected to find its first resistance at 1.2648, and a rise through could take it to the next resistance level of 1.2695.
This afternoon will bring a crucial Canadian release, namely the consumer price index for June.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
