USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.22% against the CAD to close at 1.0060.
Yesterday, Moody’s Investors Service downgraded six of Canada’s major financial institutions on concerns over high levels of consumer debt among Canadians and elevated house prices.
Separately, the current Bank of Canada Governor Mark Carney, who will take over the head job at the Bank of England in July this year, stated that unless workable measures are put in place, the credit crisis which began reverberating around the global economy in 2007 will be repeated. He further indicated that policy in developed countries is not “maxed out” and that central bankers should be prepared to take aggressive measures to help boost economic growth.
In the Asian session, at GMT0400, the pair is trading at 1.0058, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0037, and a fall through could take it to the next support level of 1.0017. The pair is expected to find its first resistance at 1.0090, and a rise through could take it to the next resistance level of 1.0123.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
