USD/CAD: Canada’s new housing price index advanced less-than-expected in August

USD/CAD: Canada’s new housing price index advanced less-than-expected in August


USDCAD

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.15% against the CAD and closed at 1.3028.

Macroeconomic data showed that, Canada’s new housing price index rose 0.4% on a yearly basis in August, falling short of market expectations for an advance of 0.5%. In the prior month, the index had advanced 0.5%.

In the Asian session, at GMT0300, the pair is trading at 1.3034, with the USD trading 0.05% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3009, and a fall through could take it to the next support level of 1.2983. The pair is expected to find its first resistance at 1.3066, and a rise through could take it to the next resistance level of 1.3097.

Moving ahead, investors would closely monitor Canada’s consumer price index, existing home sales, retail sales and manufacturing sales, slated to release next week.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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