USDCAD Movement
For the 24 hours to 23:00 GMT, the USD ticked up 0.47% against the CAD to close at 1.0439, as drop in oil prices pressurized commodity sensitive, CAD.
In economic news, existing home sales in Canada rose 3.3% (MoM) in June, compared to a 3.6% rise in May.
In the Asian session, at GMT0300, the pair is trading at 1.0438, with the USD trading slightly lower from yesterday’s close.
The pair is expected to find support at 1.0396, and a fall through could take it to the next support level of 1.0354. The pair is expected to find its first resistance at 1.0462, and a rise through could take it to the next resistance level of 1.0486.
Trading trends in the pair today are expected to be determined by release of Canadian manufacturing shipments data.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
