USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.30% against the CAD to close at 1.2904.
In economic news, Canada’s existing home sales fell 2.8% MoM in May, following a 3.1% rise in the previous month.
Separately, the Bank of Canada (BoC) Governor, Stephen Poloz, assured that the Canadian economy will recover over the next couple of years and appealed for patience as it treads the choppy waters of growth.
In the Asian session, at GMT0300, the pair is trading at 1.2937, with the USD trading 0.26% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2859, and a fall through could take it to the next support level of 1.2780. The pair is expected to find its first resistance at 1.2979, and a rise through could take it to the next resistance level of 1.3020.
Moving ahead, investors will look forward to Canada’s consumer price index data for May, scheduled to release tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
