USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 1.20% against the CAD to close at 1.2428.
In economic news, the raw material price index in Canada retreated less than expected by 7.6% on a MoM basis in December, against market expectations for a 9.0% fall and compared to a drop of 5.7% registered in prior month. Meanwhile, the nation’s industrial product price eased 1.6% on a monthly basis in December, following a 0.5% decrease in November, while markets were expecting it to fall 0.6%.
In the Asian session, at GMT0400, the pair is trading at 1.2413, with the USD trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 1.2295, and a fall through could take it to the next support level of 1.2176. The pair is expected to find its first resistance at 1.2589, and a rise through could take it to the next resistance level of 1.2764.
Looking ahead, investors would closely monitor Canada’s Ivey PMI data, scheduled later today, for further cues.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
