USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.65% against the CAD and closed at 1.2894.
On the data front, Canada’s new housing price index advanced 0.7% on a monthly basis in May, higher than market expectations for an advance of 0.2% and following a gain of 0.3% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.2878, with the USD trading 0.12% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2839, and a fall through could take it to the next support level of 1.2799. The pair is expected to find its first resistance at 1.2937, and a rise through could take it to the next resistance level of 1.2995.
Going ahead, Canada’s existing home sales data, scheduled to be released later today, will keep investors on their toes.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
