USDCAD Movement
For the 24 hours to 23:00 GMT, USD traded flat against the CAD to close at 0.9503, amid data that showed the US economy grew at a slower pace than expected, while an increasingly uncertain Canadian election contributed to volatility.
In the US, the Department of Labor reported that the number of people applying for state unemployment insurance increased from 404,000 to 429000 in the week ending April 23. Additionally, the average amount of money spent on durable goods, consumer products, and services, rose by 2.7% (Q-o-Q) in the first quarter 2011 followed by an increase of 1.7% the previous quarter.
In Canada, according to Statistics Canada, non-farm payroll employment rose by 23,600, or 0.2%, in February. In the Asian session at 3:00GMT, the pair is trading at 0.9512, 0.09% higher from the New York session close.
The first area of short term resistance is observed at 0.9541, followed by 0.9571 and 0.9641. The first area of support is at 0.9471, with the subsequent supports at 0.9431 and 0.9361.
Trading trends in the pair today are expected to be determined by data release on gross domestic product in Canada.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
