USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.23% against the CAD to close at 1.1085.
The US Dollar gained ground, after the S&P/Case-Shiller Home Price Index indicated that the US home prices registered the largest rise in almost 8 years. However, the gains were capped to some extent after the US consumer confidence declined this month.
In the Asian session, at GMT0400, the pair is trading at 1.1090, with the USD trading slightly higher from yesterday’s close.
The pair is expected to find support at 1.1062, and a fall through could take it to the next support level of 1.1034. The pair is expected to find its first resistance at 1.1108, and a rise through could take it to the next resistance level of 1.1126.
Amid lack of economic releases from Canada, traders are expected to keep a tab on global economic news for further guidance in the pair.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
