USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.54% against the CAD to close at 0.9760.
The Canadian dollar rose against the greenback amid rise in the stocks, commodities, and also gained support over optimism about the US economic recovery.
In the Asian session at 3:00GMT, the Canadian Dollar is trading at 0.9760, flat against the greenback from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9800, followed by 0.9841 and 0.9914. The first area of support is at 0.9727, with the subsequent supports at 0.9695 and 0.9622.
With a series of Canada economic releases today, including industrial product price and raw material price index, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
