USDCAD Movement
For the 24 hours to 23:00 GMT on Friday, USD declined 1.52% against the CAD to close at 1.0181.
The Lonnie rose, after the European leaders agreed to a decisive action to tackle the Euro-zone debt crisis, boosting demand for riskier currencies. Additionally, Loonie further received a boost after gross domestic product in Canada rose 0.3% (MoM) in April, from a 0.1% rise in March.
In the Asian session, at GMT0300, the pair is trading at 1.0191, with the USD trading 0.10% higher from Friday’s close.
The pair is expected to find support at 1.0125, and a fall through could take it to the next support level of 1.0059. The pair is expected to find its first resistance at 1.0293, and a rise through could take it to the next resistance level of 1.0395.
With no major release from Canada, the pair is expected to trade on trends in the greenback.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
