USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.18% against the CAD to close at 0.9760.
The Canadian dollar was lifted by upbeat US economic data that helped improve investor sentiment.
In the US, initial jobless claims, for the week ended 27 August 2011, fell to 409,000, following the previous week’s revised figure of 421,000. Meanwhile, continuing claims, for the week ended 20 August 2011, edged down to 3.735 million, from the previous week’s revised level of 3.753 million.
In the Asian session at 3:00GMT, the Canadian Dollar is trading at 0.9779, 0.19% lower against the greenback from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9807, followed by 0.9835 and 0.9901. The first area of support is at 0.9741, with the subsequent supports at 0.9703 and 0.9637.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
