USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 1.0178. The Canadian Dollar registered losses, after the Bank of Canada (BoC), in its quarterly review of global economic issues, indicated that the slow recovery in the US would continue to hamper renewed expansion in Canada.
Additionally, poor economic data from the US and Europe sent investors to the safety of the greenback.
In the Asian session, at GMT0400, the pair is trading at 1.0162, with the USD trading 0.16% lower from yesterday’s close.
The pair is expected to find support at 1.0144, and a fall through could take it to the next support level of 1.0127. The pair is expected to find its first resistance at 1.0194, and a rise through could take it to the next resistance level of 1.0227.
In Canada, investors are to focus their attention on the consumer price index and retail sales data due later today, on which investors hold a bearish view.
The currency pair is trading just below its 20 Hr and 50 Hr moving average.
