USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.19% against the CAD to close at 0.9951, as risk appetite increased among investors after the reports that Greece has agreed on austerity measures for a new bailout worth €130 billion and amid signs of recovery in the US.
In the US, initial jobless claims fell to 358,000 in the week ended 4 February 2012, while wholesale inventories climbed 1.0% in December.
In the Asian session, at GMT0400, the pair is trading at 0.9967, with the USD trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 0.9936, and a fall through could take it to the next support level of 0.9905. The pair is expected to find its first resistance at 0.9987, and a rise through could take it to the next resistance level of 1.0007.
Investors are awaiting International Merchandise Trade data for the month of December, later today.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
