USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.47% against the CAD to close at 0.9932.
The Canadian Dollar came under pressure following weaker-than-expected capacity utilisation data in Canada. Additionally, falling crude oil prices also weighed on Loonie.
In economic news, the capacity utilisation rate in Canada rose to 80.5% in the 4Q FY2011, against the market expectation of rise of 81.6%. Additionally, new motor vehicle sales in Canada rose 15.4% (MoM) in January, compared to a 3.0% decline recorded in December.
In the Asian session, at GMT0400, the pair is trading at 0.9932, with the USD trading steady from yesterday’s close.
The pair is expected to find support at 0.9894, and a fall through could take it to the next support level of 0.9855. The pair is expected to find its first resistance at 0.9960, and a rise through could take it to the next resistance level of 0.9987.
Trading trends in the pair today are expected to be determined by the release of Producer Price Index and initial jobless claims in the US.
The currency pair is trading above its 20 Hr and 50 Hr moving average.
