USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.31% against the CAD to close at 0.9506, as oil prices continued to move northwards.
In the US, The Federal Reserve Bank of Richmond stated that its manufacturing index dropped to a reading of 10.0 in April, compared to a reading of 20.0 posted in the previous month.
Additionally, the Conference Board’s consumer confidence index rose to 65.4 in April. Meanwhile, home price index, on an annual basis, fell by 3.3% in February, compared to 3.1% decline in the previous month.
In the Asian session at 3:00GMT, the pair is trading at 0.9502, 0.04% lower from the New York session close.
The first area of short term resistance is observed at 0.9544, followed by 0.9586 and 0.9656. The first area of support is at 0.9474, with the subsequent supports at 0.9446 and 0.9376.
Trading trends in the pair today are expected to be determined by release of data on national bank HP index.
The currency pair is showing convergence with its 20 Hr moving average and its 50 Hr moving average.
