USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined marginally against the CAD to close at 0.9915.
Yesterday, the Canadian central bank indicated that the low interest policies that global central banks adopted are adding another layer of risk to the already stressed global financial system.
On economic front, purchasing managers index in Canada fell to a reading of 47.5 in November, from 58.3 in October. Meanwhile, new building permits issued increased by 15% (MoM) in October, against the expectations for a 2.6% rise.
In the Asian session, at GMT0400, the pair is trading at 0.9915, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.9897, and a fall through could take it to the next support level of 0.9878. The pair is expected to find its first resistance at 0.9930, and a rise through could take it to the next resistance level of 0.9944.
Trading trends in the pair today are expected to be determined by the release of net change in employment, labor productivity and unemployment rate in Canada.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
