USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.39% against the CAD to close at 0.9464.
Canadian dollar strengthened against its greenback on Wednesday, after the Bank of Canada discussed the prospect of higher rates and as investors became more hopeful over European and the US debt woes.
A day after raising expectations it would increase interest rates soon, the Bank of Canada stated that it might keep rates below their normal long-run levels even after the Canadian economy is back to full capacity. Bank of Canada Governor, Mark Carney stated that as the recovery progresses, monetary policy can be expected to move away from exceptionally stimulative levels, though he also highlighted global risks.
In the economic news, wholesale sales in Canada increased by 1.9% to C$47.6 billion in May, following a 0.1% decline in April.
In the Asian session at 3:00GMT, the pair is trading at 0.9474, 0.11% higher from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9508, followed by 0.9541 and 0.9601. The first area of support is at 0.9448, with the subsequent supports at 0.9421 and 0.9361.
The currency pair is trading between its 20 Hr and its 50 Hr moving averages.
