For the 24 hours to 23:00 GMT, the USD traded flat against the CAD and closed at 1.2179 on Friday.
Macroeconomic data showed that Canada’s existing home sales rebounded 1.3% on a monthly basis in August, advancing for the first time since March 2017. In the previous month, existing home sales had dropped 2.1%.
In the Asian session, at GMT0300, the pair is trading at 1.2181, with the USD trading a tad higher against the CAD from Friday’s close.
The pair is expected to find support at 1.2129, and a fall through could take it to the next support level of 1.2078. The pair is expected to find its first resistance at 1.2225, and a rise through could take it to the next resistance level of 1.2270.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
