USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.29% against the CAD to close at 0.9714.
In Canada, on a monthly basis, the industrial product prices rose by 0.7% in February, following a 0.4% rise recorded in the previous month. Meanwhile, the raw materials price index climbed by a seasonally adjusted 1.8% (M-o-M) in February, compared to a revised 0.4% rise posted in January.
In the US, according to Mortgage Bankers Association (MBA), for the week ended 25 March 2011, mortgage application volume, on a seasonally adjusted basis, declined by 7.5% from one week earlier.
In the Asian session at 3:00GMT, the pair is trading at 0.9710, 0.04% lower from the New York session close.
The first area of short term resistance is observed at 0.9749, followed by 0.9787 and 0.9859. The first area of support is at 0.9677, with the subsequent supports at 0.9643 and 0.9571.
Trading trends in the pair today are expected to be determined by data release on gross domestic product in Canada.
The currency pair is showing convergence with 20 Hr moving average and is trading just below its 50 Hr moving average.
