USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.09% against the CAD to close at 0.9591.
CAD advanced as the country’s largest export, crude oil traded at a 30-month high, increasing demand for commodity-linked currencies.
In economic news, the building permits in Canada climbed 9.9% (M-o-M) in February, following a 5.1% drop in the last month.
In the Asian session at 3:00GMT, the pair is trading at 0.9570, 0.22% lower from the New York session close.
The first area of short term resistance is observed at 0.9609, followed by 0.9648 and 0.9710. The first area of support is at 0.9547, with the subsequent supports at 0.9524 and 0.9462.
With a series of Canadian economic releases today, including unemployment rate and housing starts, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading marginally below its 20 Hr and 50 Hr moving averages.
