Canada’s New House Price Index Rose In November

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.22% against the CAD and closed at 1.2522.

In economic news, Canada’s new house price index climbed 0.1% on a monthly basis in November, undershooting market expectations for an advance of 0.2%. In the previous month, the index had registered a similar rise.

In the Asian session, at GMT0400, the pair is trading at 1.2525, with the USD trading slightly higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.2493, and a fall through could take it to the next support level of 1.2460. The pair is expected to find its first resistance at 1.2574, and a rise through could take it to the next resistance level of 1.2622.

With no key macroeconomic releases in Canada today, investors would draw their attention to the Bank of Canada’s (BoC) interest rate decision, due next week.

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

Disclaimer: GCI Weekly Highlights is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI Financial Ltd. assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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