USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.88% against the CAD to close at 1.0477, as the commodity-linked currency was weighed down by declining crude oil prices.
Canadian dollar came under pressure after a disappointing bond auction in Germany and as Chinese factory data contracted, dragging down commodity prices.
In the Asian session, at GMT0400, the pair is trading at 1.0457, with the USD trading 0.19% lower from yesterday’s close.
The pair is expected to find support at 1.0406, and a fall through could take it to the next support level of 1.0355. The pair is expected to find its first resistance at 1.0503, and a rise through could take it to the next resistance level of 1.0549.
The currency pair is showing convergence with its 20 Hr moving average and is moving above its 50 Hr moving average.
