USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.14% against the CAD to close at 1.0934.
The Canadian Dollar was supported after a report by Statistics Canada indicated that foreign investors’ investment doubled to CAD 8.66 billion in Canadian securities in November, after a revised CAD 4.44 billion increase reported in the previous month. Additionally, Canadian investors invested foreign securities worth CAD 6.57 billion in November, as compared to net selling worth CAD 0.10 billion reported in the previous month.
Meanwhile, the Canadian Prime Minister, Stephen Harper stated that the current monetary policy adopted by the Bank of Canada (BoC) is appropriate, though it has led to decline of 5.9% in the country’s currency. He emphasised that the depreciation does not reflect weakness in the economy.
In the Asian session, at GMT0400, the pair is trading at 1.0936, with the USD trading slightly higher from yesterday’s close.
The pair is expected to find support at 1.0907, and a fall through could take it to the next support level of 1.0877. The pair is expected to find its first resistance at 1.0962, and a rise through could take it to the next resistance level of 1.0987.
With no major economic releases from Canada to be released today, trading trends would be determined by global factors.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
