USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.12% against the CAD to close at 1.3724.
In economic news, the Teranet/National Bank of Canada house price index unexpectedly advanced 0.2% MoM in November, compared to market expectations for it to decline 0.2% and following a 0.1% growth in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3707, with the USD trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1.3661, and a fall through could take it to the next support level of 1.3616. The pair is expected to find its first resistance at 1.3767, and a rise through could take it to the next resistance level of 1.3828.
Moving ahead, investors will look forward to Canada’s existing home sales data for November and the BoC review, scheduled to be released later today.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
