USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 1.51% against the CAD to close at 1.0246. The Canadian dollar fell, as the Euro-zone debt crisis and fears that Italy would be forced to seek a bailout heightened risk aversion and prompted investors to opt for safe haven greenback.
In economic news, the New housing price index in Canada rose 0.2% (M-o-M) in September, following a 0.1% increase in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.0234, with the USD trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 1.0140, and a fall through could take it to the next support level of 1.0045. The pair is expected to find its first resistance at 1.0289, and a rise through could take it to the next resistance level of 1.0343.
The pair is expected to trade on the cues from the release of trade balance data in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
