USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.65% against the CAD on Friday to close at 1.0253, as safe haven demand found support after ratings agency Standard and Poor’s downgraded nine countries in the Euro-zone, including France.
In the US, Reuters and the University of Michigan indicated that the Consumer Sentiment Index rose to 74.0 in January, following a reading of 69.9 in December.
In the Asian session, at GMT0400, the pair is trading at 1.0228, with the USD trading 0.24% lower from Friday’s close.
The pair is expected to find support at 1.0166, and a fall through could take it to the next support level of 1.0105. The pair is expected to find its first resistance at 1.0286, and a rise through could take it to the next resistance level of 1.0345.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
