USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.36% against the CAD to close at 0.9819.
Loonie advanced against the greenback as commodity prices rose on investors’ optimism over the Greece austerity package.
In the US, the Federal Reserve Bank of Dallas President, Richard Fisher indicated that the US growth may accelerate to 4.0% during the second half of 2011.
In the US economic news, the consumer confidence index declined to a reading of 58.5 in June, the lowest level since November 2010, compared to an upwardly revised score of 61.7 posted in May.
In the Asian session at 3:00GMT, the pair is trading at 0.9815, 0.04% lower from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9866, followed by 0.9916 and 0.9998. The first area of support is at 0.9784, with the subsequent supports at 0.9752 and 0.9670.
Trading trends in the pair today are expected to be determined by release of consumer price index in Canada.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
