USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.16% against the CAD to close at 0.9861. The Canadian Dollar came under pressure as government officials in Russia and Japan criticized monetary policies that have devalued major currencies in an attempt to spark economic growth.
Riskier currencies fell after a Russian central bank official warned the world is on the brink of a “currency war” after the Japanese Economy Minister said earlier that currency weakness sparked by central-bank policy could hurt consumers.
In the Asian session, at GMT0400, the pair is trading at 0.9871, with the USD trading 0.10% higher from yesterday’s close.
The pair is expected to find support at 0.9850, and a fall through could take it to the next support level of 0.983. The pair is expected to find its first resistance at 0.9884, and a rise through could take it to the next resistance level of 0.9898.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
