USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.22% against the CAD to close at 1.0670, as the latest batch of strong US economic releases spurred demand for the US Dollar. A decline in the prices of crude oil, Canada’s largest export, further pressurised the loonie.
In the Asian session, at GMT0400, the pair is trading at 1.0646, with the USD trading 0.22% lower from yesterday’s close.
The pair is expected to find support at 1.0596, and a fall through could take it to the next support level of 1.0545. The pair is expected to find its first resistance at 1.0688, and a rise through could take it to the next resistance level of 1.0729.
Amid lack of economic releases from Canada, during the later course of the day, traders are expected to keep a tab on global economic news for further guidance in the pair.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
