USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 1.07% against the CAD to close at 1.0396, as the US deficit impasse and uncertainty over Euro-zone sovereign-debt crisis spurred demand for safe-haven greenback.
In Canada, the wholesale sales rose 0.3% (MoM) in September to C$48.7 billion.
In the Asian session, at GMT0400, the pair is trading at 1.0394, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 1.0312, and a fall through could take it to the next support level of 1.0229. The pair is expected to find its first resistance at 1.0448, and a rise through could take it to the next resistance level of 1.0501.
Trading trends in the pair today are expected to be determined by retail sales data release in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
