USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.64% against the CAD to close at 1.0337, after the Federal Reserve dismissed the possibility of fresh monetary easing. Meanwhile, the reports that German Chancellor, Angela Merkel opposed strengthening a bailout fund also fuelled the flight to the safe haven greenback against major currencies.
In the Asian session, at GMT0400, the pair is trading at 1.0338, with the USD trading slightly higher from yesterday’s close.
The pair is expected to find support at 1.0263, and a fall through could take it to the next support level of 1.0189. The pair is expected to find its first resistance at 1.0381, and a rise through could take it to the next resistance level of 1.0424.
The pair is expected to trade on the cues from the release of data on manufacturing shipments and leading indicators in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
