USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.33% against the CAD to close at 1.0258. The Canadian Dollar lost appeal as weak US economic data eroded investors risk appetite.
Meanwhile, the Bank of Canada (BoC) Governor, Mark Carney, opined that a lack of trust in banks is holding back the global economic recovery and that the regulatory reforms would prove insufficient in rebuilding public confidence unless they were accompanied by cultural change.
In the Asian session, at GMT0400, the pair is trading at 1.0252, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0222, and a fall through could take it to the next support level of 1.0191. The pair is expected to find its first resistance at 1.0281, and a rise through could take it to the next resistance level of 1.0309.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
