USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.33% against the CAD to close at 1.0313. Canadian dollar rose, after better-than-expected consumer confidence data in the US boosted investors’ risk appetite.
In economic news, on a seasonally adjusted basis, the current account deficit narrowed by C$4.0 billion to C$12.1 billion in the third quarter of 2011.
In the Asian session, at GMT0400, the pair is trading at 1.0331, with the USD trading 0.18% higher from yesterday’s close.
The pair is expected to find support at 1.0275, and a fall through could take it to the next support level of 1.0219. The pair is expected to find its first resistance at 1.0370, and a rise through could take it to the next resistance level of 1.0410.
Trading trends in the pair today are expected to be determined by release of Gross Domestic Product (GDP), Raw Material Price Index and industrial product price data in Canada.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
