USDCAD Movement
On Friday, the USD rose 0.33% against the CAD to close at 1.2024.
On the macro front, Canada’s existing home sales rose 2.3% on a MoM basis in April, compared to a rise of 4.1% recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2041, with the USD trading 0.14% higher from Friday’s close.
The pair is expected to find support at 1.1993, and a fall through could take it to the next support level of 1.1944. The pair is expected to find its first resistance at 1.2079, and a rise through could take it to the next resistance level of 1.2117.
Amid no economic releases in Canada today, market participants look forward to the speech of the BoC Governor, Stephen Poloz, scheduled tomorrow for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
