USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.16% against the CAD to close at 0.9791. Canadian dollar was under pressure, amid lower commodity prices and weaker than expected economic growth in the US, Canada’s biggest trading partner.
In the US, initial jobless claims increased to 424,000 in the week ending May 21, following 409,000 claims reported for the previous week.
In the Asian session at 3:00GMT, the pair is trading at 0.9765, 0.27% lower from the New York session close.
The first area of short term resistance is observed at 0.9803, followed by 0.9842 and 0.9905. The first area of support is at 0.9740, with the subsequent supports at 0.9716 and 0.9653.
The currency pair is trading just below its 20 Hr moving average and its 50 Hr moving average.
