USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.14% against the CAD to close at 1.0997.
Yesterday, Canadian Finance Minister, Jim Flaherty, hinted that the government would mull the prospect of adding some stimulus to the economy if disinflation persists in Canada. Furthermore, he expressed concerns on the European banking sector, and also over the youth unemployment rate in Canada.
In the Asian session, at GMT0400, the pair is trading at 1.1009, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.0981, and a fall through could take it to the next support level of 1.0953. The pair is expected to find its first resistance at 1.1028, and a rise through could take it to the next resistance level of 1.1047.
The Statistics Canada is expected to release a report on Canada’s new housing price index, later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
