USD/CAD Daily Forecast – Canadian Dollar Remains Under Strong Pressure Ahead Of The Weekend

USD/CAD Daily Forecast – Canadian Dollar Remains Under Strong Pressure Ahead Of The Weekend

USD/CAD made an attempt to settle above the resistance at 1.2480 but lost momentum and pulled back towards 1.2420 while the U.S. dollar gained ground against a broad basket of currencies.

The U.S. Dollar Index has recently tried to get to the test of the resistance at 92.50 but failed to develop sufficient upside momentum and pulled back towards the support at 92.15. In case the U.S. Dollar Index declines below this level, it will head towards the support at 92 which will be bearish for USD/CAD.

Today, foreign exchange market traders had a chance to take a look at Canada's New Housing Price Index for May. The Index increased by 1.4% month-over-month compared to analyst forecast which called for growth of 0.6%. On a year-over-year basis, New Housing Price Index increased by 11.3% compared to analyst forecast of 8.5%.