USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.60% against the CAD, on Friday, to close at 0.9542.
In the economic news, the Consumer Price Index in the US, on monthly basis, declined by 0.2% in June following a 0.2% rise in the previous month.
Additionally in the Canadian economic news, the manufacturing sales declined by 0.8% (M-o-M) in May following a 1.9% decline in the previous month.
In the Asian session at 3:00GMT, the pair is trading at 0.9577, 0.37% higher from Friday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9627, followed by 0.9678 and 0.9782. The first area of support is at 0.9523, with the subsequent supports at 0.9470 and 0.9366.
With a series of Canada economic releases today, including foreign investment in Canadian securities and new motor vehicle sales, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is showing convergence with its 20 Hr moving average and its 50 Hr moving average.
