USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.03% against the CAD to close at 0.9628.
The Bank of Canada, in its monetary policy report upgrades Canada’s growth forecast in 2011 to 2.9% from previous 2.4%, also revises GDP growth forecast to 4.2% in second quarter of 2011 from the previous 2.5%.
In the Asian session at 3:00GMT, the pair is trading at 0.9628, flat from the New York session close.
The first area of short term resistance is observed at 0.9662, followed by 0.9697 and 0.9772. The first area of support is at 0.9587, with the subsequent supports at 0.9547 and 0.9472.
Trading trends in the pair today are expected to be determined by data release on manufacturing shipments in Canada.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
