USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 1.0023. The Canadian Dollar retreated as data showed that the economy of the US, it largest trading partner, unexpectedly shrank in the fourth quarter. However, it pared losses after the US Federal Reserve stated that it would continue to maintain its support to the US economy with the $85 billion a month in asset purchases until the jobs market shows substantial signs of improvement.
In the Asian session, at GMT0400, the pair is trading at 1.0033, with the USD trading 0.10% higher from yesterday’s close.
The pair is expected to find support at 1.0008, and a fall through could take it to the next support level of 0.9984. 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 1.0080.
In Canada, investors eagerly await the gross domestic product and industrial product price data.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
