USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.08% against the CAD to close at 0.9867, after weak data on US private sector employment added to concerns over the outlook for the US recovery, bolstering safe haven demand. The Canadian Dollar followed the trend overseas that saw the Euro declining, after data indicated that manufacturing PMI in Euro-zone sank further in April.
In the Asian session, at GMT0300, the pair is trading at 0.9861, with the USD trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 0.9839, and a fall through could take it to the next support level of 0.9817. The pair is expected to find its first resistance at 0.9894, and a rise through could take it to the next resistance level of 0.9926.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
