USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.88% against the CAD to close at 1.0338.
In the Asian session, at GMT0300, the pair is trading at 1.0279, with the USD trading 0.57% lower from yesterday’s close, as risk appetite received a boost after European leaders late yesterday, revealed a plan to address the Euro-zone’s distressed banking sector.
The pair is expected to find support at 1.0220, and a fall through could take it to the next support level of 1.0162. The pair is expected to find its first resistance at 1.0350, and a rise through could take it to the next resistance level of 1.0422.
Trading trends in the pair today are expected to be determined by the release of gross domestic product and industrial product price in Canada.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
