USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.85% against the CAD to close at 0.9949.
In Canada, the New Housing Price Index rose 0.3% (MoM) in February, compared to 0.1% increase in previous month. Market had expected 0.2% rise in February. Meanwhile, the trade surplus narrowed to $0.29 billion in February, compared to $1.95 billion in January. Market had expected the trade deficit to narrow to $1.90 billion in February.
In the Asian session, at GMT0300, the pair is trading at 0.9958, with the USD trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 0.9919, and a fall through could take it to the next support level of 0.9881. The pair is expected to find its first resistance at 1.0016, and a rise through could take it to the next resistance level of 1.0074.
The currency pair is showing convergence with 20 Hr moving average and is trading below its 50 Hr moving average.
