USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.36% against the CAD to close at 0.9666. Canadian dollar snapped a five-day rally against greenback, as crude oil prices declined, damping demand for higher-yielding currencies.
The Bank of Canada in its quarterly Business Outlook Survey indicated that 51.0% of the companies surveyed expect faster sales growth for the next twelve months, while 38.0% of the firms expect the growth to slow.
In the Asian session at 3:00GMT, the pair is trading at 0.9677, 0.11% higher from the New York session close.
The first area of short term resistance is observed at 0.9707, followed by 0.9736 and 0.9814. The first area of support is at 0.9629, with the subsequent supports at 0.9580 and 0.9502.
With no major release from Canada, the pair is expected to trade on trends in the greenback, later today
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
