USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.14% against the CAD to close at 0.9919. The Canadian Dollar closed higher yesterday, as commodity prices rose on optimism that there is more willingness on the part of China’s new leadership to support the economy.
Meanwhile, the greenback came under pressure following disappointing Automatic Data Processing (ADP) nonfarm payrolls in the US. The ADP nonfarm payrolls climbed by a seasonally adjusted 118,000 jobs in November, below expectations for an increase of 125,000 jobs and compared to a revised 157,000 jobs in the previous month.
In the Asian session, at GMT0400, the pair is trading at 0.9923, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.9907, and a fall through could take it to the next support level of 0.9891. The pair is expected to find its first resistance at 0.9940, and a rise through could take it to the next resistance level of 0.9957.
Trading trends in the pair today are expected to be determined by the release of the Ivey purchasing managers index (PMI) and the BoC review in Canada.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
