USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.21% against the CAD to close at 0.9882, after the European Union President, Herman Van Rompuy stated that the region’s rescue fund is ready to aid Spanish banks, supporting demand for higher yielding assets. Additionally, rising oil prices also supported the Canadian Dollar.
In the Asian session, at GMT0300, the pair is trading at 0.9882, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 0.9844, and a fall through could take it to the next support level of 0.9806. The pair is expected to find its first resistance at 0.9919, and a rise through could take it to the next resistance level of 0.9956.
Trading trends in the pair today are expected to be determined by the release of house price index (HPI) and industrial product price data in Canada.
The currency pair is converging with its 20 Hr and trading below its 50 Hr moving averages.
