USDCAD Movement
On Friday, the USD declined 0.18% against the CAD to close at 1.0227. The Canadian Dollar recorded gains as crude oil rose amid speculation that Cyprus is on the verge of finalizing a deal to avert a financial collapse, thereby leading to a rise in investor risk appetite. The Loonie was also supported earlier, after Canadian Finance Minister, Jim Flaherty stated that he plans to eliminate the country’s deficit before the next election in 2015.
In the Asian session, at GMT0400, the pair is trading at 1.0229, with the USD trading marginally higher from Friday’s close.
The pair is expected to find support at 1.0209, and a fall through could take it to the next support level of 1.0190. The pair is expected to find its first resistance at 1.0257, and a rise through could take it to the next resistance level of 1.0286.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
