USDCAD Movement
On Friday, the USD rose 0.18% against the CAD to close at 1.1098. However, gains were capped after data revealed that the preliminary Thomson Reuters/University of Michigan Consumer Sentiment Index declined to its lowest level since November in March and after the US producer prices fell in February.
In the Asian session, at GMT0400, the pair is trading at 1.1093, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 1.1071, and a fall through could take it to the next support level of 1.1050. The pair is expected to find its first resistance at 1.1113, and a rise through could take it to the next resistance level of 1.1134.
Later today, the Statistics Canada is scheduled to report the trend in Canada’s investment in foreign portfolio and foreign investors’ investment in Canadian securities.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
