USD/CAD: Canada’s consumer price index fell more-than-expected in April

USD/CAD: Canada’s consumer price index fell more-than-expected in April

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 6.59% against the CAD and closed at 1.3902.

On the data front, Canada’s consumer price index fell 0.2% on a yearly basis in April, more than market forecast for a drop of 0.1% and compared to a rise of 0.9% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.3931, with the USD trading 0.21% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3882, and a fall through could take it to the next support level of 1.3834. The pair is expected to find its first resistance at 1.3965, and a rise through could take it to the next resistance level of 1.400.

Moving ahead, traders would keep a watch on Canada’s ADP employment change and the new housing price index, both for April, slated to release later today.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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