USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.92% against the CAD to close at 0.9567.
Canadian dollar advanced against the greenback supported by strong Chinese economic data and surge in the crude oil prices.
Chinese Gross Domestic Product expanded at a faster-than-expected rate of 9.5% in the second quarter.
In the US, the mortgage application volume, on a seasonally adjusted basis, declined 5.1% in the week ended 8 July 2011, from one week earlier. Additionally, the import price index declined by 0.5% (M-o-M) in June, the first fall in a year, and following a revised 0.1% increase recorded in May.
In the Asian session at 3:00GMT, the pair is trading at 0.9584, 0.18% higher from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9629, followed by 0.9674 and 0.9753. The first area of support is at 0.9550, with the subsequent supports at 0.9516 and 0.9437.
The currency pair is trading just below its 20 Hr moving average and its 50 Hr moving average.
