USDCAD Movement
For the 24 hours to 23:00 GMT, the USD marginally eased against the CAD to close at 1.0494. The Canadian Dollar rose as prices of oil, Canada’s major export, soared on speculation that tensions in Syria might disrupt oil supply from the Middle East.
In the Asian session, at GMT0300, the pair is trading at 1.0492, with the USD trading tad lower from yesterday’s close.
The pair is expected to find support at 1.0461, and a fall through could take it to the next support level of 1.0431. The pair is expected to find its first resistance at 1.0532, and a rise through could take it to the next resistance level of 1.0573.
Amid lack of economic releases in Canada, investors would keep an eye on global economic news for further direction.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
