USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.93% against the CAD to close at 1.0312, as a relief rally that followed the approval of a rescue package for Spanish banks fizzled, with investors still worried over the Euro-zone’s debt problems. Concerns over how the Spanish bailout would be financed weighed on sentiment, along with the fear that Greek elections on Sunday could put nation on a path to leaving the currency bloc.
In the Asian session, at GMT0300, the pair is trading at 1.031, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 1.0232, and a fall through could take it to the next support level of 1.0155. The pair is expected to find its first resistance at 1.0357, and a rise through could take it to the next resistance level of 1.0404.
The currency pair is trading above its 20 Hr and its 50 Hr moving average.
