USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.96% against the CAD to close at 0.9918.
The Canadian dollar slipped to a six-week low yesterday as concerns of a global slowdown, brought on by S&P downgrading the US, dented sentiments and pushed investors out of risky assets and higher-yielding currencies.
In the Asian session at 3:00GMT, the pair is trading at 0.9981, 0.64% higher from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 1.0061, followed by 1.0141 and 1.0363. The first area of support is at 0.9839, with the subsequent supports at 0.9697 and 0.9475.
Trading trends in the pair today are expected to be determined by housing starts data release in Canada.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
