USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.35% against the CAD to close at 1.3227.
In economic news, Canada’s new housing price index rose 0.1% MoM in July, lower than market expected gain of 0.2% and compared to an increase of 0.3% in June.
In the Asian session, at GMT0300, the pair is trading at 1.3224, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.3173, and a fall through could take it to the next support level of 1.3122. The pair is expected to find its first resistance at 1.3278, and a rise through could take it to the next resistance level of 1.3332.
Going forward, investors would wait for the release of Canadian inflation data, scheduled in the next week.
The currency pair is showing convergence with 20 Hr and 50 Hr moving averages.
