USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.36% against the CAD to close at 0.9872. Canadian dollar advanced against greenback, after Bank of Canada (BoC) head Mark Carney indicated that the bank may have to raise interest rates to keep inflation in check as Canada’s economic recovery advances.
In Canada, the retail sales fell 0.2% (MoM) to C$38.9 billion in February, compared to 0.2% rise in January.
In the Asian session, at GMT0300, the pair is trading at 0.9874, with the USD trading 0.03% higher from yesterday’s close.
The pair is expected to find support at 0.9855, and a fall through could take it to the next support level of 0.9835. The pair is expected to find its first resistance at 0.9907, and a rise through could take it to the next resistance level of 0.9939.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
