USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.32% against the CAD to close at 0.9814, as investors sought a safe haven in the greenback amid fears that Greece could default on its debt.
In Canada, the foreign investment in Canadian securities rose to C$8.22 billion in April from C$6.44 billion in March. Additionally, the Canadian investment in foreign securities rose to C$3.31 billion in April from C$1.73 billion in March.
In the Asian session at 3:00GMT, the pair is trading at 0.9834, 0.20% higher from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9893, followed by 0.9953 and 1.0066. The first area of support is at 0.9780, with the subsequent supports at 0.9727 and 0.9614.
Trading trends in the pair today are expected to be determined by release of data on wholesale sales in Canada.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
