USDCAD Movement
For the 24 hours to 23:00 GMT, USD traded slightly lower against the CAD to close at 0.9938.
This morning, the International Monetary Fund (IMF) downgraded the forecast for Canada, stating that Canada’s jobless rate would tick higher this year and the next as the global economy enters a “dangerous new phase”.
In Canadian economic news, the leading index remained flat in August, compared to a 0.1% gain recorded in July. Additionally, on a monthly basis, the wholesale sales rose 0.8% to $48.2 billion in July.
In the Asian session at 3:00GMT, USD is trading at 0.9939, flat against the Canadian dollar from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9964, followed by 0.9990 and 1.0056. The first area of support is at 0.9898, with the subsequent supports at 0.9858 and 0.9792.
Trading trends in the pair today are expected to be determined by release of Consumer Price Index (CPI) in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
