USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.28% against the CAD to close at 0.9683.
In Canada, the New Housing Price Index (NHPI) rose by 0.2% (M-o-M) in January following a 0.1% advance in December. In the US, MBA mortgage application volume on a seasonally adjusted basis, rose 15.5% for the week ended 4 March 2011, while the refinancing demand for the week increased 17.2% from the week before.
In the Asian session at 4:00GMT, the pair is trading at 0.9704, 0.22% higher from the New York session close.
The first area of short term resistance is observed at 0.9723, followed by 0.9743 and 0.9789. The first area of support is at 0.9677, with the subsequent supports at 0.9651 and 0.9605.
Trading trends in the pair today are expected to be determined by data release on international merchandise trade in Canada.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
