USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.27% against the CAD to close at 1.3975.
In economic news, Canada’s raw material price index declined more-than-expected by 4.0% MoM in November, compared to a revised flat reading in the previous month. Market anticipation was for the index to ease 2.5%. Additionally, the nation’s industrial product price index extended its losing streak as it fell 0.2% MoM in November, against investor expectations for it to remain flat and after recording a drop of 0.5% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.4024, with the USD trading 0.35% higher from yesterday’s close.
The pair is expected to find support at 1.3934, and a fall through could take it to the next support level of 1.3844. The pair is expected to find its first resistance at 1.4077, and a rise through could take it to the next resistance level of 1.4131.
Moving ahead, market participants await the release of Canada’s international merchandise trade data for November, scheduled to release later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
