USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.27% against the CAD to close at 0.9895.
The Canadian Finance Minister, Jim Flaherty, stated that the global economy is still stubbornly fragile and economic headwinds elsewhere could throw Canada off course.
On the economic front, on a monthly basis, existing home sales in Canada remained unchanged in July, compared to a 1.3% contraction in June.
In the Asian session, at GMT0300, the pair is trading at 0.9889, with the USD trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 0.9870, and a fall through could take it to the next support level of 0.9850. The pair is expected to find its first resistance at 0.9922, and a rise through could take it to the next resistance level of 0.9954.
Trading trends in the pair today are expected to be determined by the release of manufacturing shipments data in Canada.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
