USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.05% against the CAD to close at 0.9843.
In economic news, new Housing Price Index (HPI) in Canada rose 0.2% (MoM) in October, slightly better than market-expectations of a 0.1% rise.
Additionally, the capacity utilization rate in Canada rose to 80.9% in the third quarter of 2012, compared to a downwardly revised same rate recorded in the previous quarter.
In the Asian session, at GMT0400, the pair is trading at 0.9838, with the USD trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 0.9823, and a fall through could take it to the next support level of 0.9809. The pair is expected to find its first resistance at 0.9854, and a rise through could take it to the next resistance level of 0.9870.
On the macro front, markets are awaiting Canadian manufacturing shipments data scheduled for release later today.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
