USDCAD Movement
For the 24 hours to 23:00 GMT, the USD slightly declined against the CAD and closed at 1.3135.
On the economic front, Canada’s new housing price index climbed 0.1% MoM in December, while market participants expected the index to record an advance of 0.2%, similar to that of the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3122, with the USD trading 0.1% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3088, and a fall through could take it to the next support level of 1.3053. The pair is expected to find its first resistance at 1.3160, and a rise through could take it to the next resistance level of 1.3197.
Moving forward, Canada’s unemployment rate for January, due to release later in the day, will keep investors on their toes.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
