USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.21% against the CAD to close at 1.2296, after the US advanced retail sales rose in May.
In economic news, Canada’s new housing price index rose 0.1% in April on a MoM basis, lower than market expectations for a rise of 0.2%. In the prior month, the index had registered a revised flat reading in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2283, with the USD trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 1.2246, and a fall through could take it to the next support level of 1.2210. The pair is expected to find its first resistance at 1.2337, and a rise through could take it to the next resistance level of 1.2392.
Investors would keenly await for the release of next week’s Canadian consumer prices data.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
