USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.43% against the CAD to close at 1.0113.
In its latest monetary report, the Bank of Canada stated that the worsening global economic conditions would hold back the Canadian economy in 2012, at a cost of about $10 billion. Further, the bank warned that the recession in Europe “is now expected to be deeper and longer than the Bank had anticipated”.
In the Asian session, at GMT0400, the pair is trading at 1.0103, with the USD trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 1.0073, and a fall through could take it to the next support level of 1.0044. The pair is expected to find its first resistance at 1.0155, and a rise through could take it to the next resistance level of 1.0207.
Trading trends in the pair today are expected to be determined by the release of Manufacturing Sales in Canada, later today.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
