USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose marginally against the CAD to close at 1.0197.
Yesterday, the Bank of Canada’s quarterly Senior Loan Officer Survey indicated that the overall business-lending conditions in Canada eased to a reading of -10.8 in 2Q FY2012, marking the eleventh quarter of easing credit terms and following -16.9 recorded in the previous quarter.
In the Asian session, at GMT0300, the pair is trading at 1.0206, with the USD trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1.0186, and a fall through could take it to the next support level of 1.0167. The pair is expected to find its first resistance at 1.0223, and a rise through could take it to the next resistance level of 1.0241.
Trading trends in the pair today are expected to be determined by the release of housing starts data in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
