USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.30% against the CAD to close at 0.9923.
In Canada, current account deficit on a seasonally adjusted basis rose to C$16.0 billion in the second quarter of 2012, compared to the deficit of C$10.30 billion in the previous quarter.
Separately, the World Trade Organization, President, Pascal Lamy, confirmed that the growth in global trade would remain below 4% this year and urged governments against protectionism.
In the Asian session, at GMT0300, the pair is trading at 0.9924, with the USD trading steady from yesterday’s close.
The pair is expected to find support at 0.9901, and a fall through could take it to the next support level of 0.9879. The pair is expected to find its first resistance at 0.9939, and a rise through could take it to the next resistance level of 0.9955.
Later in the day, the gross domestic product in Canada is expected to show a rise of 2.2% in June.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
