USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.11% against the CAD to close at 0.9950. The Canadian Dollar ended weaker yesterday, as investors fled to safety after the top Democrat in the US Senate indicated that the country looked to be headed over the “fiscal cliff” of tax hikes and spending cuts.
In the Asian session, at GMT0400, the pair is trading at 0.9947, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 0.9918, and a fall through could take it to the next support level of 0.9888. The pair is expected to find its first resistance at 0.9968, and a rise through could take it to the next resistance level of 0.9988.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
