USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.24% against the CAD to close at 0.9972, as upbeat German business confidence and US labor market data, boosted demand for higher-yielding assets. Rising oil prices further supported the Canadian dollar.
In the Asian session, at GMT0400, the pair is trading at 0.9975, with the USD trading 0.03% higher from yesterday’s close.
The pair is expected to find support at 0.9953, and a fall through could take it to the next support level of 0.9931. The pair is expected to find its first resistance at 0.9997, and a rise through could take it to the next resistance level of 1.0019.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
