USDCAD Movement
On Friday, the USD rose 0.41% against the CAD to close at 1.1571, after the release of upbeat consumer confidence in the US.
In economic news, the National bank of Canada reported that the nation’s house price index dropped 0.3% on a MoM basis in November, after registering a rise of 0.2% in October.
In the Asian session, at GMT0400, the pair is trading at 1.1558, with the USD trading 0.11% lower from Friday’s close.
The pair is expected to find support at 1.1517, and a fall through could take it to the next support level of 1.1476. The pair is expected to find its first resistance at 1.1598, and a rise through could take it to the next resistance level of 1.1638.
Meanwhile, investors look forward to Canada’s existing homes sales data, scheduled later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
