USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.86% against the CAD to close at 1.2511, following disappointing advance retail sales data in the US.
In economic news, the new housing price index in Canada advanced 0.1% on a monthly basis in December, at par with market expectations. It followed a similar rise registered in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2498, with the USD trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 1.2408, and a fall through could take it to the next support level of 1.2318. The pair is expected to find its first resistance at 1.2617, and a rise through could take it to the next resistance level of 1.2737.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
