USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.37% against the CAD to close at 0.9886.
The Canadian Dollar advanced as accelerating growth in the US raised optimism about the global economic recovery, boosting demand for riskier assets. Rising oil prices further supported the Canadian Dollar.
Data released in the US showed that retail sales jumped 1.1% (MoM) to $407.8 billion in February, while total business inventories climbed 0.7% (MoM) to $1.569 trillion in January.
In the Asian session, at GMT0400, the pair is trading at 0.9886, with the USD trading steady from yesterday’s close.
The pair is expected to find support at 0.9869, and a fall through could take it to the next support level of 0.9853. The pair is expected to find its first resistance at 0.9915, and a rise through could take it to the next resistance level of 0.9943.
Trading trends in the pair today are expected to be determined by the release of capacity utilization and new motor vehicle sales in Canada.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
