USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.14% against the CAD and closed at 1.2958.
On the economic front, the Teranet-National Bank National house price index in Canada advanced 2.0% MoM in July, following a rise of 2.3% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2967, with the USD trading 0.07% higher against the CAD from Friday’s close.
The pair is expected to find support at 1.2927, and a fall through could take it to the next support level of 1.2888. The pair is expected to find its first resistance at 1.2999, and a rise through could take it to the next resistance level of 1.3032.
Looking ahead, Canada’s existing home sales data for July, slated to release later in the day, will be on investor’s radar.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
