USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.37% against the CAD to close at 0.9854. Loonie rose against the US dollar yesterday, amid release of positive Canadian economic data. Also, a rise in crude oil prices supported the Canadian dollar.
In economic news, in Canada, the current account deficit fell to C$10.3 billion in fourth quarter of 2011. The Raw Materials Price Index rose 0.1% (MoM) in January, compared to 2.5% drop in December. Additionally, the Industrial Product Price Index rose 0.3% (MoM) in January, compared to 0.9% decline in the previous month.
In the Asian session, at GMT0400, the pair is trading at 0.9864, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 0.9838, and a fall through could take it to the next support level of 0.9811. The pair is expected to find its first resistance at 0.9896, and a rise through could take it to the next resistance level of 0.9927.
Trading trends in the pair today are expected to be determined by release of Gross Domestic Product (GDP) in Canada.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
