USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.20% against the CAD to close at 1.0723, as the latest batch of downbeat US economic releases weighed on the demand for the greenback.
In the Asian session, at GMT0300, the pair is trading at 1.0719, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0706, and a fall through could take it to the next support level of 1.0692. The pair is expected to find its first resistance at 1.0743, and a rise through could take it to the next resistance level of 1.0766.
Market participants are expected to keep a tab on Canada’s average weekly earnings data and a weekly US jobless claims report, for further cues in the currency pair.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
