USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.28% against the CAD to close at 1.0303. The Loonie was supported by a rise in crude oil prices.
On the economic front, existing homes sales in Canada increased 0.2% (MoM) in July, compared to a 3.3% rise recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0306, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0277, and a fall through could take it to the next support level of 1.0249. The pair is expected to find its first resistance at 1.0350, and a rise through could take it to the next resistance level of 1.0395.
Canada is scheduled to release its manufacturing shipments data later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
