USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined marginally against the CAD to close at 0.9837. The Canadian Dollar moved higher after a report showed improved confidence in the domestic business community.
Yesterday, the Bank of Canada’s winter business outlook survey indicated that Canadian firms expect higher sales growth and are planning to step up investment. It indicated that companies have attributed the more optimistic outlook to new strategies they were adopting to remain competitive in a challenging environment rather than to a strong economy or expansion plans.
In the Asian session, at GMT0400, the pair is trading at 0.9840, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.9826, and a fall through could take it to the next support level of 0.9812. The pair is expected to find its first resistance at 0.9860, and a rise through could take it to the next resistance level of 0.9880.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
