USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.65% against the CAD to close at 1.2516, following stronger than expected durable goods orders data from the US in January.
In economic news, Canada’s core CPI rebounded 0.2% on a monthly basis in January, higher than market expectations of a 0.1% rise. The index had dropped 0.3% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2495, with the USD trading 0.17% lower from yesterday’s close.
The pair is expected to find support at 1.2406, and a fall through could take it to the next support level of 1.2318. The pair is expected to find its first resistance at 1.2560, and a rise through could take it to the next resistance level of 1.2625.
Amid no economic releases in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
