USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.74% against the CAD to close at 1.0168, The Canadian dollar fell amid fall in crude oil prices and amid concerns that European nations may find it difficult to repay their debt, discouraging demand for riskier currencies.
In the Asian session, at GMT0400, the pair is trading at 1.0178, with the USD trading 0.10% higher from yesterday’s close.
The pair is expected to find support at 1.0141, and a fall through could take it to the next support level of 1.0104. The pair is expected to find its first resistance at 1.0205, and a rise through could take it to the next resistance level of 1.0232.
The pair is expected to trade on the cues from the release data on manufacturing sales in Canada.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
