USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.19% against the CAD to close at 0.9555.
Loonie weakened on concern that the US economy, the main destination for Canadian exports, is losing momentum amid downbeat manufacturing data.
In the US, on a seasonally adjusted monthly basis, the construction spending rose 0.2% to $772.3 billion in June, following an upwardly revised 0.3% increase recorded in May.
In the Asian session at 3:00GMT, the pair is trading at 0.9555, flat from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9612, followed by 0.9669 and 0.9789. The first area of support is at 0.9492, with the subsequent supports at 0.9429 and 0.9309.
The currency pair is showing convergence with 20 Hr moving average and is trading just above its 50 Hr moving average.
