USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.21% against the CAD to close at 0.9957. The greenback came under pressure, as overall risk appetite increased after the release of upbeat Euro-zone and US service sector data. Following the news, crude oil, Canada’s most significant export, rose, pushing the ‘Loonie’ upwards against safe-haven greenback.
In the Asian session, at GMT0400, the pair is trading at 0.9969, with the USD trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 0.9946, and a fall through could take it to the next support level of 0.9923. The pair is expected to find its first resistance at 0.9994, and a rise through could take it to the next resistance level of 1.0019.
In Canada the Ivey purchasing managers index is scheduled for release later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
