USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.48% against the CAD to close at 1.1116.
The US Dollar continued its upward trend, despite data indicating that the sales of new US homes dropped more than expected in December to a three-month low. However, the US Flash Services PMI surpassed expectations along with the USD Dallas Fed manufacturing activity index.
In the Asian session, at GMT0400, the pair is trading at 1.1100, with the USD trading 0.14% lower from yesterday’s close.
The pair is expected to find support at 1.1046, and a fall through could take it to the next support level of 1.0991. The pair is expected to find its first resistance at 1.1138, and a rise through could take it to the next resistance level of 1.1175.
Trading trends in the pair today are expected to be determined by important releases from the US, mainly the December durable goods order and January consumer confidence data.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
