USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.37% against the CAD to close at 1.2866.
In economic news, Canada’s Teranet/National Bank house price index rose 1.8% MoM in May, following a 1.2% gain in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2852, with the USD trading 0.11% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2816, and a fall through could take it to the next support level of 1.2781. The pair is expected to find its first resistance at 1.2882, and a rise through could take it to the next resistance level of 1.2913.
Moving ahead, market participants await the release of Canada’s existing home sales data for May, due later today. Additionally, a speech by the Bank of Canada Governor, Stephen Poloz, scheduled overnight, will also grab investor attention.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
