USDCAD Movement
For the 24 hours to 23:00 GMT, USD fell 0.78% against the CAD to close at 0.9860. Canadian dollar gained amid higher oil prices and as equity markets rebounded.
In Canada, the trade deficit widened to C$1.6 billion in June, following a trade deficit of C$1.0 billion in May. Additionally, the New Housing Price Index (NHPI) climbed 0.3% (M-o-M) in June, compared to a 0.4% rise in May.
In the Asian session at 3:00GMT, the pair is trading at 0.9865, marginally higher from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9946, followed by 1.0027 and 1.0166. The first area of support is at 0.9807, with the subsequent supports at 0.9749 and 0.9610.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
