USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.21% against the CAD to close at 1.3277.
In economic news, Canada’s housing starts fell to a level of 198.1K in October, dropping at its fastest pace in eight months, from a three-year high reading of 231.3K in the previous month. Investors had expected it to drop to a level of 200.0K.
Separately, the Organization for Economic Co-operation and Development (OECD), forecasted Canada’s economic growth to slow down to 1.2% this year. It further estimated the country to grow by 2.0% and 2.3% in 2016 and 2017, respectively.
In the Asian session, at GMT0400, the pair is trading at 1.3266, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.3241, and a fall through could take it to the next support level of 1.3216. The pair is expected to find its first resistance at 1.3295, and a rise through could take it to the next resistance level of 1.3325.
Amid no economic releases in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
