USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.64% against the CAD to close at 1.0153.
The Canadian dollar strengthened after the Federal Reserve’s reading on the US economy sparked fresh demand for riskier assets and higher-yielding currencies. Federal Reserve officials lowered the outlook for US economic growth in 2012 and forecasted that unemployment would average from 8.5% to 8.7% in the final three months of 2012.
In the Asian session, at GMT0400, the pair is trading at 1.0176, with the USD trading 0.23% higher from yesterday’s close.
The pair is expected to find support at 1.0116, and a fall through could take it to the next support level of 1.0057. The pair is expected to find its first resistance at 1.0226, and a rise through could take it to the next resistance level of 1.0277.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
