USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.45% against the CAD to close at 1.1107.
On the macro front, Canada’s housing starts rose to 197.3 K in September, lower than market expectations to advance to a level of 198.0 K and compared to a revised reading of 196.3 K in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.1101, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.1059, and a fall through could take it to the next support level of 1.1016. The pair is expected to find its first resistance at 1.1178, and a rise through could take it to the next resistance level of 1.1254.
Trading trends in the CAD today are expected to be determined by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
