USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.60% against the CAD to close at 1.0645, after data showed that pending home sales in the US rose less-than-expected in November.
In the Asian session, at GMT0400, the pair is trading at 1.0648, with the USD trading tad higher from yesterday’s close.
The pair is expected to find support at 1.0614, and a fall through could take it to the next support level of 1.058. The pair is expected to find its first resistance at 1.0703, and a rise through could take it to the next resistance level of 1.0758.
In the void of economic releases in Canada today, trading trends in the pair are expected to be determined by the consumer confidence and the Chicago purchasing managers index data in the US, slated to release later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
