For the 24 hours to 23:00 GMT, the USD rose 8.63% against the CAD and closed at 1.4167.
On the data front, Canada’s consumer price inflation slowed to 0.9% on a yearly basis in March, amid coronavirus crisis and lower oil prices. In the prior month, inflation had recorded a level of 2.2%. Meanwhile, the new housing price index rose 0.3% on monthly basis in March, compared to a rise of 0.4% in the earlier month.
In the Asian session, at GMT0300, the pair is trading at 1.4188, with the USD trading 0.15% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.4123, and a fall through could take it to the next support level of 1.4057. The pair is expected to find its first resistance at 1.4246, and a rise through could take it to the next resistance level of 1.4303.
In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
