USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.40% against the CAD to close at 1.0451.
In the Asian session, at GMT0400, the pair is trading at 1.0473, with the USD trading 0.21% higher from yesterday’s close.
The pair is expected to find support at 1.0442, and a fall through could take it to the next support level of 1.0411. The pair is expected to find its first resistance at 1.0501, and a rise through could take it to the next resistance level of 1.0529.
During the later course of the day, the Statistics Canada is scheduled to report the movement in the nation’s new housing price index. Also later today, investors will look forward to the Bank of Canada (BoC)’s quarterly publication to get cues on the Canadian economy.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
