USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.28% against the CAD to close at 0.9916.
In economic news, international merchandise trade deficit of Canada widened to C$1.8 billion in June, from C$954 million in May. Separately, housing starts dropped 6.1% to an annualized pace of 208,500 in July 2012, while the New Housing Price Index (NHPI) rose 0.2% (MoM) in June, following a 0.3% increase in May.
In the Asian session, at GMT0300, the pair is trading at 0.9926, with the USD trading 0.10% higher from yesterday’s close.
The pair is expected to find support at 0.9907, and a fall through could take it to the next support level of 0.9889. The pair is expected to find its first resistance at 0.9947, and a rise through could take it to the next resistance level of 0.9969.
The Canadian unemployment report is likely to set the direction to the pair in today’s trading session.
The currency pair is trading between its 20 Hr and its 50 Hr moving average.
