USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.27% against the CAD to close at 1.1146.
The US Dollar edged higher after inspiring US consumer confidence data released yesterday. However, a separate report indicated that the US durable goods orders fell unexpectedly in December, which capped the greenback’s gains.
In the Asian session, at GMT0400, the pair is trading at 1.1144, with the USD trading slightly lower from yesterday’s close.
The pair is expected to find support at 1.1087, and a fall through could take it to the next support level of 1.1029. The pair is expected to find its first resistance at 1.1190, and a rise through could take it to the next resistance level of 1.1235.
With no releases from Canada, investors would turn their attention to the Fed’s announcement on interest rates and monetary policy as well as its take on its future moves with regards to the current economic outlook.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
