USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.64% against the CAD on Friday to close at 0.9815.
Canadian dollar rose against the greenback, following the Federal Reserve Chairman Ben S. Bernanke’s comments that the US economy, Canada’s largest trading partner, is not weak to warrant any stimulus.
In the US, the Gross Domestic Product (GDP), declined to 1.0% in the second quarter of 2011, from 0.4% growth in the previous quarter.
In the Asian session at 3:00GMT, the Canadian Dollar is trading at 0.9799, 0.16% higher against the greenback from Friday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9885, followed by 0.9972 and 1.0105. The first area of support is at 0.9752, with the subsequent supports at 0.9706 and 0.9573.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
