USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.23% against the CAD to close at 0.9980, as investor risk appetite waned after the European Central Bank expressed concern that the Euro’s strength may hurt recovery in its 17-nation region.
Yesterday, in Canada, the value of building permits declined 11.2% (MoM) in December, following a 14.5% decline in November. However, the new housing price index rose 0.2% (MoM) in December, following a 0.1% increase in November.
In the Asian session, at GMT0400, the pair is trading at 0.9978, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 0.9940, and a fall through could take it to the next support level of 0.9902. The pair is expected to find its first resistance at 1.0006, and a rise through could take it to the next resistance level of 1.0034.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
