USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.11% against the CAD to close at 0.9763. The greenback rose earlier amid a risk-off session sparked by World Bank and International Monetary Fund cuts to growth forecasts, though profit-taking sent the currency softening somewhat.
In the Asian session, at GMT0300, the pair is trading at 0.9749, with the USD trading 0.14% lower from yesterday’s close.
The pair is expected to find support at 0.9730, and a fall through could take it to the next support level of 0.9710. The pair is expected to find its first resistance at 0.9785, and a rise through could take it to the next resistance level of 0.9820.
Trading trends in the pair today are expected to be determined by the release of Canadian housing starts. Later today, the Euro-zone finance ministers would hold talks to discuss ways to firewall and extinguish the debt crisis.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
