USDCAD Movement
For the 24 hours to 23:00 GMT on Friday, the USD rose 0.89% against the CAD to close at 0.9936. The Canadian Dollar weakened after Statistics Canada indicated that consumer price inflation rose by 0.2% in September, below expectations for a 0.3% increase. The data came after a dovish speech by Bank of Canada Governor, Mark Carney earlier in the week triggered speculation that the central bank will place less emphasis on hiking rates.
Meanwhile, risk appetite waned after a two-day European Union summit ended on Friday, without any indication on when Spain would formally request a bailout or whether Greece will receive the next tranche of its bailout loan.
In the Asian session, at GMT0300, the pair is trading at 0.9929, with the USD trading 0.07% lower from Friday’s close.
The pair is expected to find support at 0.9870, and a fall through could take it to the next support level of 0.9811. The pair is expected to find its first resistance at 0.9968, and a rise through could take it to the next resistance level of 1.0008.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
