USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.35% against the CAD to close at 0.9643.
Loonie surged against its major counterparts, boosted by rise in commodity prices and easing of Greece’s debt concerns.
In the US, the St. Louis Federal Reserve President, James Bullard, indicated that the Federal Reserve should provide more help if the economic recovery continues to struggle and added that rising inflation limits the central bank’s options.
In Canada, the gross domestic product(GDP), on monthly basis, remained unchanged in April, following 0.3% growth in March.
In the Asian session at 3:00GMT, the pair is trading at 0.9631, 0.12% lower from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9670, followed by 0.9710 and 0.9772. The first area of support is at 0.9608, with the subsequent supports at 0.9586 and 0.9524.
The currency pair is trading just below its 20 Hr moving average and its 50 Hr moving average.
