USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.96% against the CAD to close at 0.9768, as downbeat US economic news fueled investor fears over the health of the US recovery.
In the US, the mortgage application volume, on a seasonally adjusted basis, declined 4.0% from one week earlier. The ISM reported that the manufacturing index in the US fell to a reading of 53.5 in May, while private sector employment in the US increased by 38,000 jobs in May.
In the Asian session at 3:00GMT, the pair is trading at 0.9774, 0.06% higher from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9818, followed by 0.9861 and 0.9983. The first area of support is at 0.9696, with the subsequent supports at 0.9617 and 0.9495.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
