USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.11% against the CAD to close at 1.0194, as the Federal Reserve cut its estimate for US economic growth to 2.4% for 2012 down from earlier estimate of 2.9% growth.
Moreover, the Loonie weakened after prices of crude oil, Canada’s biggest export, fell more than 3.0% yesterday.
In the Asian session, at GMT0300, the pair is trading at 1.0212, with the USD trading 0.18% higher from yesterday’s close.
The pair is expected to find support at 1.0170, and a fall through could take it to the next support level of 1.0129. The pair is expected to find its first resistance at 1.0243, and a rise through could take it to the next resistance level of 1.0274.
Trading trends in the pair today are expected to be determined by the release of retail sales and leading indicators in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
