USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.34% against the CAD to close at 1.0245, as concerns that the Euro-zone debt crisis is spreading reduced demand for high-yielding assets.
In the Asian session, at GMT0400, the pair is trading at 1.0230, with the USD trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 1.0172, and a fall through could take it to the next support level of 1.0114. The pair is expected to find its first resistance at 1.0288, and a rise through could take it to the next resistance level of 1.0346.
The pair is expected to trade on the cues from the release of data on foreign investment in Canadian securities and Canadian investment in foreign securities.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
