USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.99% against the CAD and closed at 1.3105.
On the data front, Canada’s new housing price index recorded a flat reading for the second consecutive month in April, in line with market expectations and suggesting reduced buyer willingness and resilient mortgage regulations.
In the Asian session, at GMT0300, the pair is trading at 1.3125, with the USD trading 0.15% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3003, and a fall through could take it to the next support level of 1.2881. The pair is expected to find its first resistance at 1.3194, and a rise through could take it to the next resistance level of 1.3263.
Later in the day, investors will look forward to the release of Canada’s manufacturing sales for April and existing home sales for May.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
