USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.61% against the CAD on Friday to close at 1.0014.
The Loonie rose after crude oil prices rallied more than 4% on Friday and following the release of upbeat jobs and service sector data in the US, Canada’s biggest trading partner.
In the Asian session, at GMT0300, the pair is trading at 1.0008, with the USD trading 0.06% lower from Friday’s close.
The pair is expected to find support at 0.9970, and a fall through could take it to the next support level of 0.9932. The pair is expected to find its first resistance at 1.0056, and a rise through could take it to the next resistance level of 1.0104.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
