USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.32% against the CAD to close at 1.0381.In the US, initial jobless claims fell to 391,000 in the week ended 24 September 2011, while continuing claims slipped to 3.729 million in the week ended 17 September 2011. Additionally, the annualised Gross Domestic Product (GDP) growth was revised upwards to 1.3% in the second quarter of 2011, following an initially reported growth rate of 1.0%In the Asian session at 3:00GMT, USD is trading at 1.0383, flat against the Canadian dollar from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 1.0438, followed by 1.0492 and 1.0637. The first area of support is at 1.0293, with the subsequent supports at 1.0202 and 1.0057.
The pair is expected to trade on the cues from the release of Gross Domestic Product (GDP) in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
