USD/CAD: Canada’s new housing price index rose in February

USD/CAD: Canada’s new housing price index rose in February

USDCAD

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 11.41% against the CAD and closed at 1.4530.

On the data front, Canada’s ADP employment rose less than expected by 7.2K in February, compared to an advance of 25.9K in the previous month. On the other hand, the new housing price index rose 0.4% on a monthly basis in February, compared to a flat reading in the prior month.

In the Asian session, at GMT0400, the pair is trading at 1.4408, with the USD trading 0.84% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.4300, and a fall through could take it to the next support level of 1.4192. The pair is expected to find its first resistance at 1.4592, and a rise through could take it to the next resistance level of 1.4776.

Looking ahead, investors would keep an eye on Canada’s retail sales for January, slated to release later today.

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

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