USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.51% against the CAD to close at 1.0175.
The Atlanta Federal Reserve Bank President, Dennis Lockhart stated that “sustained monetary accommodation” is appropriate in order to keep the US economic recovery on track but that he does not see a need at present for another round of quantitative easing.
Meanwhile, the National Association for Business Economics projected that the US labor market would strengthen significantly in 2013 with the unemployment rate sliding to 7.5% by the end of 2013.
In the Asian session, at GMT0300, the pair is trading at 1.0168, with the USD trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.0140, and a fall through could take it to the next support level of 1.0112. The pair is expected to find its first resistance at 1.0221, and a rise through could take it to the next resistance level of 1.0274.
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