USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.33% against the CAD to close at 1.1054, following dismal economic data from the US. The CAD gained ground after Canada’s existing home sales climbed 1.8%, on a monthly basis, in August, compared to a rise of 0.8% in July.
In the Asian session, at GMT0300, the pair is trading at 1.1052, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.1025, and a fall through could take it to the next support level of 1.0997. The pair is expected to find its first resistance at 1.109, and a rise through could take it to the next resistance level of 1.1127.
Investors would keenly await a speech by Bank of Canada’s Governor, Stephen Poloz, scheduled later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
