USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.12% against the CAD, on Friday, to close at 0.9897.
Canadian dollar rose against the greenback after reports showed that Canada’s consumer price index was right in line with expectations.
The Canadian Consumer Price Index declined to 2.7% (Y-o-Y) in July, compared to a rate of 3.1% recorded in June. Additionally, on an annual basis, the core consumer price inflation fell to 1.2% in July, following a rate of 1.4% recorded in June.
In the Asian session at 3:00GMT, the pair is trading at 0.9886, 0.11% lower from Friday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9931, followed by 0.9975 and 1.0074. The first area of support is at 0.9832, with the subsequent supports at 0.9777 and 0.9678.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
