USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.39% against the CAD to close at 0.9906.
Canadian dollar lost ground yesterday, as crude-oil, the nation’s key export, tumbled on mounting concerns that the US is heading back into recession.
In the Asian session at 3:00GMT, the Canadian Dollar is trading at 0.9905, marginally higher against the greenback from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9943, followed by 0.9982 and 1.0068. The first area of support is at 0.9857, with the subsequent supports at 0.9810 and 0.9724.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
