USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.64% against the CAD to close at 0.9993, as risk appetite faded, amid political uncertainty in Europe. Concerns that Greece would not be unable to form a government resulted in increased uncertainty that the nation would adhere to the strict austerity measures required to continue to receive aid from the troika.
Meanwhile in Canada, housing starts at an annual rate, stood at 244,900 units in April up from 214,800, marking the highest level since February 2008, and against the expectation of 202000 units.
In the Asian session, at GMT0300, the pair is trading at 1.0008, with the USD trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 0.9953, and a fall through could take it to the next support level of 0.9897. The pair is expected to find its first resistance at 1.0043, and a rise through could take it to the next resistance level of 1.0078.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
