USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.74% against the CAD to close at 0.9925.
In Canada, manufacturing shipments rose by 4.5% (M-o-M) in January from 0.6% rise in December. In the US, current account deficit narrowed to $113.35 billion in 4Q2010 from deficit of $125.49 billion in the previous quarter. Additionally, housing starts dropped to 479,000 in February, compared to a revised figure of 618,000 posted in January.
In the Asian session at 4:00GMT, the pair is trading at 0.9921, 0.04% lower from the New York session close.
The first area of short term resistance is observed at 0.9996, followed by 1.0070 and 1.0242. The first area of support is at 0.9824, with the subsequent supports at 0.9726 and 0.9554.
The pair is expected to trade on the cues from the release of data on wholesale sales and foreign investment in Canada.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
