USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.16% against the CAD to close at 0.9752, amid further indications of weakening of the US economy.
The Moody’s Investors Service stated that it may put US government’s Aaa credit rating under review for a downgrade unless there’s progress on increasing the debt limit by mid-July.
On a monthly basis, the factory orders in the US declined 1.2% in April.
In the Asian session at 3:00GMT, the pair is trading at 0.9765, 0.13% higher from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9803, followed by 0.9842 and 0.9912. The first area of support is at 0.9733, with the subsequent supports at 0.9702 and 0.9632.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
