USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.55% against the CAD and closed at 1.2976.
In economic news, Canada’s new housing price index rose by 0.1% MoM in June, compared to an advance of 0.7% in the prior month and defying market expectations for an advance by 0.3%.
In the Asian session, at GMT0300, the pair is trading at 1.2979, with the USD trading marginally higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2929, and a fall through could take it to the next support level of 1.2879. The pair is expected to find its first resistance at 1.3054, and a rise through could take it to the next resistance level of 1.3129.
Investors would now focus on the Canadian consumer prices numbers, the lone important data release in the next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
