USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 1.0423. The Canadian Dollar gave up ground against its US counterpart after crude oil, the nation’s biggest export, traded at almost a four-month low, weighing on the growth prospect of the economy.
In the Asian session, at GMT0400, the pair is trading at 1.0439, with the USD trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 1.0410, and a fall through could take it to the next support level of 1.0381. The pair is expected to find its first resistance at 1.0455, and a rise through could take it to the next resistance level of 1.0471.
Amid lack of economic releases from Canada, traders are expected to keep a close tab on global economic news for further guidance in the pair.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
