USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.47% against the CAD to close at 1.0014. The Canadian Dollar rose in line with a general rebound in commodity currencies.
In the Asian session, at GMT0400, the pair is trading at 1.0019, with the USD trading marginally higher from yesterday’s close.
Investors remained cautious ahead of the outcome of the Federal Reserve’s policy meeting and the US data on fourth quarter growth today.
The pair is expected to find support at 0.9995, and a fall through could take it to the next support level of 0.9970. The pair is expected to find its first resistance at 1.0056, and a rise through could take it to the next resistance level of 1.0092.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
