USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.70% against the CAD to close at 1.0302, as risk aversion increased among investors following fiscal woes in Italy and Spain. Additionally, falling crude oil prices also weighed on the Canadian Dollar.
On a monthly basis, Canadian industrial product index remained unchanged in April, against the market expectation of 0.1% rise. Additionally, raw materials price index fell 2.0% (MoM) in April, in line with market expectation.
In the Asian session, at GMT0300, the pair is trading at 1.0295, with the USD trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.0255, and a fall through could take it to the next support level of 1.0214. The pair is expected to find its first resistance at 1.0324, and a rise through could take it to the next resistance level of 1.0353.
Trading trends in the pair today are expected to be determined by the release of current account data in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
