USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.36% against the CAD to close at 0.9778. Canadian dollar declined as a rise in US weekly jobless claims added further woes to a bleak outlook for the US economy superseding the news that Greece reached a deal on an austerity plan.
In the US, the new home sales, on a seasonally adjusted basis, declined to a rate of 319,000 in May, compared to a revised rate of 326,000 recorded in April.
In the Asian session at 3:00GMT, the pair is trading at 0.9783, 0.05% higher from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9834, followed by 0.9885 and 0.9996. The first area of support is at 0.9723, with the subsequent supports at 0.9663 and 0.9552.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
