USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.79% against the CAD to close at 1.0047, as concerns over the outlook for the US economic recovery lingered after Friday’s disappointing US employment data.
In the Asian session, at GMT0300, the pair is trading at 1.0035, with the USD trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 0.9973, and a fall through could take it to the next support level of 0.9911. The pair is expected to find its first resistance at 1.0075, and a rise through could take it to the next resistance level of 1.0115.
The pair is expected to trade on the cues from the release of housing starts data in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
