USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.24% against the CAD to close at 1.2721.
In economic news, Canada’s new housing price index advanced more-than-expected by 0.3% MoM in April, its fastest increase in six months, compared to a 0.2% rise in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2734, with the USD trading 0.10% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2679, and a fall through could take it to the next support level of 1.2624. The pair is expected to find its first resistance at 1.2777, and a rise through could take it to the next resistance level of 1.2820.
Going ahead, market participants will look forward to Canada’s unemployment rate data for May, scheduled to release later today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
