USDCAD Movement
For the 24 hours to 23:00 GMT, USD fell 0.46% against the CAD to close at 1.0046, after the US Federal Reserve stated that its benchmark interest rate would stay low until at least 2014, and as higher crude oil prices supported the Canadian dollar.
In the Asian session, at GMT0400, the pair is trading at 1.0032, with the USD trading 0.14% lower from yesterday’s close.
The pair is expected to find support at 0.9991, and a fall through could take it to the next support level of 0.9950. The pair is expected to find its first resistance at 1.0111, and a rise through could take it to the next resistance level of 1.0189.
With no key Canadian economic releases in the day ahead, CAD is expected to ride on general market cues against the greenback.
The currency pair is trading much below its 20 Hr and its 50 Hr moving averages.
