USDCAD Movement
For the 24 hours to 23:00 GMT, the USD marginally declined against the CAD to close at 1.0954.
In economic news, Statistics Canada reported that foreign portfolio investment in Canadian securities unexpectedly declined by C$4.28 billion in December, compared to an increase of C$9.07 billion in the previous month. Meanwhile, the Canadian portfolio investment in foreign securities stood at C$3.71 billion in December, following an investment of C$7.05 billion in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.0935, with the USD trading 0.17% lower from yesterday’s close.
The pair is expected to find support at 1.0920, and a fall through could take it to the next support level of 1.0905. The pair is expected to find its first resistance at 1.0964, and a rise through could take it to the next resistance level of 1.0993.
Traders are expected to keep an eye on Canada’s wholesales sales data for December, due for release later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
