USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.07% against the CAD to close at 0.9596.
The Canadian dollar declined against the greenback over investors’ speculation that the recent advance was overdone.
In Canada, the industrial product price index declined by 0.2% (M-o-M) in May, compared to 0.5% growth in April. Additionally, the raw material price index declined by 5.1% in May (M-o-M), compared to 6.8% growth in the previous month.
In the Asian session at 3:00GMT, the pair is trading at 0.9614, 0.19% higher from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9630, followed by 0.9645 and 0.9685. The first area of support is at 0.9590, with the subsequent supports at 0.9565 and 0.9525.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
