USDCAD Movement
For the 24 hours to 23:00 GMT on Friday, the USD rose 0.21% against the CAD to close at 0.9806.
In the Asian session, at GMT0300, the pair is trading at 0.981, with the USD trading marginally higher from Friday’s close, as ongoing uncertainty over Spain’s position on requesting a formal bailout and concerns over the outlook for the global economy weighed on demand for riskier currencies.
The pair is expected to find support at 0.9782, and a fall through could take it to the next support level of 0.9754. The pair is expected to find its first resistance at 0.9824, and a rise through could take it to the next resistance level of 0.9839.
Investors await the Bank of Canada business outlook survey and BoC Governor, Mark Carney’s speech scheduled to be released later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
