USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined marginally against the CAD to close at 0.9811.
The Canadian Real Estate Association (CREA) reported that Canadian existing home sales rose 2.5% (MoM) in September, marking its first monthly gain since March and compared to a 5.8% drop recorded in August.
The Bank of Canada Governor, Mark Carney stated that he would adjust economic forecasts to reflect a slowing global recovery, fuelling speculation that he would not hike interest rates in the short term.
In the Asian session, at GMT0300, the pair is trading at 0.9817, with the USD trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 0.9783, and a fall through could take it to the next support level of 0.9748. The pair is expected to find its first resistance at 0.9838, and a rise through could take it to the next resistance level of 0.9860.
With no major releases in Canada, trading trends in the pair are expected to be determined by the release of the consumer price index (CPI), industrial production and capacity utilization data in the US, in the day ahead.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
