USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.54% against the CAD to close at 0.9594, as concerns of sovereign debt default in Europe and the United States weighed on investor sentiment.
In economic news, the foreign investment in Canadian securities rose to C$15.4 billion in May from C$8.52 billion in April, while Canadian investment in foreign securities decreased to -C$3.51 billion in May from C$3.31 billion in April.
In the Asian session at 3:00GMT, the pair is trading at 0.9586, 0.08% lower from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9628, followed by 0.9671 and 0.9748. The first area of support is at 0.9551, with the subsequent supports at 0.9517 and 0.9440.
Bank of Canada interest rate decision is likely to receive increased market attention along with other economic data due to be released later today.
The currency pair is showing convergence with its 20 Hr moving average and its 50 Hr moving average.
