USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.04% against the CAD to close at 0.9766, ahead of Canadian interest rate decision.
In Canada, the current account deficit improved to C$8.92 billion in the first quarter of 2011 from deficit of C$10.28 billion in the fourth quarter of 2010. The gross domestic product, at annualized rate, rose by 3.9% in the first quarter of 2011 from revised 3.1% growth in the last quarter of 2010.
In the Asian session at 3:00GMT, the pair is trading at 0.9732, 0.35% lower from the yesterday session close at 23:00 GMT.
The first area of short term resistance is observed at 0.9772, followed by 0.9813 and 0.9878. The first area of support is at 0.9707, with the subsequent supports at 0.9683 and 0.9618.
Investors are eying Bank of Canada’s interest rate decision along with other economic releases in Canada to be released later today.
The currency pair is trading well below its 20 Hr and its 50 Hr moving averages.
