USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.26% against the CAD and closed at 1.3933.
In economic news, Canada’s building permits advanced more-than-anticipated by 11.3% MoM in December, following a drop of 19.9% in the preceding month and compared to investor expectations for a gain of 6.2%.
In the Asian session, at GMT0400, the pair is trading at 1.3939, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3860, and a fall through could take it to the next support level of 1.3780. The pair is expected to find its first resistance at 1.3999, and a rise through could take it to the next resistance level of 1.4059.
Amid no economic releases in Canada today, trading trend in the CAD is expected to be determined by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
