USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.34% against the CAD to close at 0.9656.
Canadian dollar strengthened against the US dollar amid rise in the commodity prices
In Canada, the trade deficit narrowed to C$814 million in May, from a revised C$857 million in April.
Meanwhile, in the US, the National Federation of Independent Business’s (NIFB) optimism index fell to a reading of 90.8 in June, following a reading of 90.9 posted in May. Additionally, the Investor’s Business Daily and TIPP’s economic optimism index fell 3.2 points to a reading of 41.4 in July.
In the Asian session at 3:00GMT, the pair is trading at 0.9629, 0.28% lower from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9731, followed by 0.9834 and 0.9991. The first area of support is at 0.9574, with the subsequent supports at 0.9520 and 0.9363.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
