USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 1.25% against the CAD to close at 1.0062.
Canadian dollar declined sharply against the greenback, after the Federal Reserve’s statement indicating “significant downside risks” to the economy reduced appeal for high yielding assets. Also, a sharp decline in the crude oil prices further added to the decline.
In Canadian economic news, the Consumer Price Index (CPI) rose 0.3% (M-o-M) in August, following a 0.2% rise in the previous month.
In the Asian session at 3:00GMT, USD is trading at 1.0123, 0.60% higher against the Canadian dollar from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 1.0192, followed by 1.0261 and 1.0467. The first area of support is at 0.9986, with the subsequent supports at 0.9848 and 0.9642.
Trading trends in the pair today are expected to be determined by the release of retail sales in Canada, later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
