USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.15% against the CAD to close at 1.0411.
In economic news, a report from Canada showed that the nation’s new housing price index rose 0.1% (MoM) during August, defying analysts’ call for the index to remain unchanged at previous month’s level of 0.2% rise.
In the Asian session, at GMT0300, the pair is trading at 1.0398, with the USD trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 1.0372, and a fall through could take it to the next support level of 1.0347. The pair is expected to find its first resistance at 1.0422, and a rise through could take it to the next resistance level of 1.0447.
Trading trends in the Loonie is expected to be determined by Canada’s report on the nation’s unemployment rate, which the market expects to remain unchanged at previous month’s level of 7.1% in the month of September. Investors are also expected to keep a close watch on the release of Bank of Canada’s (BoC) business outlook survey report for the third quarter, due later today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
