USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.17% against the CAD to close at 1.0017.
In the US economic news, the National Federation of Independent Business’s (NFIB) Small-Business Optimism Index rose to a reading of 93.1 in October, from a reading of 92.8 recorded in September.
In the Asian session, at GMT0400, the pair is trading at 1.0009, with the USD trading marginally lower from yesterday’s close, as investors sought riskier currencies amid improved risk-appetite in the market following some positive news from the Euro-zone. In a bond auction, Greece raised €4.06 billion by selling short term bills yesterday, which would help the nation to repay debts maturing on Friday. Besides, the German newspaper, Bild Zeitung’s report that Germany is planning to bundle a onetime payment of €44 billion rescue package for Greece, instead of the current tranche payment also lifted traders’ appetite for risky bets.
The pair is expected to find support at 0.9988, and a fall through could take it to the next support level of 0.9968. The pair is expected to find its first resistance at 1.0032, and a rise through could take it to the next resistance level of 1.0056.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
