USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.53% against the CAD to close at 0.9795.
In the US, the mortgage application volume, on a seasonally adjusted basis, declined by 0.4% in the week ended 3 June 2011, from a week earlier.
The Kansas City Federal Reserve President, Thomas Hoenig stated that the US Federal Reserve should sell off securities in its balance sheet before raising interest rates.
In Canada, the housing starts, on yearly basis, rose to 183600 units in May 2011, from 178700 units in May 2010.
In the Asian session at 3:00GMT, the pair is trading at 0.9786, 0.09% lower from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9819, followed by 0.9852 and 0.9916. The first area of support is at 0.9755, with the subsequent supports at 0.9724 and 0.9660.
Trading trends in the pair today are expected to be determined by release of data on new housing price index and international merchandise trade in Canada.
The currency pair is trading between its 20 Hr and its 50 Hr moving averages.
