USD/CAD: Canada’s new housing price index recorded a flat reading April

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 6.97% against the CAD and closed at 1.3951.

On the data front, Canada’s ADP employment declined by 226.7K in April, compared to a revised decline of 17.2K in the previous month. Moreover, the new housing price index remained flat on a monthly basis in April, compared to a rise of 0.3% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.3980, with the USD trading 0.21% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3920, and a fall through could take it to the next support level of 1.3859. The pair is expected to find its first resistance at 1.4013, and a rise through could take it to the next resistance level of 1.4045.

Moving ahead, traders would keep a watch on Canada’s retail sales for March, slated to release later today.

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

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