USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.13% against the CAD to close at 0.9953. The Canadian Dollar rose after upbeat US economic data and speculation that the Euro-zone debt crisis may be easing lifted demand for higher-risk currencies.
In economic news, the Thomson Reuters/University of Michigan index of consumer sentiment in the US was upwardly revised to a reading of 76.2 in March. Meanwhile, the Gross Domestic Product (GDP) in Canada increased 0.1% (MoM) in January, in line with market expectations and compared to a 0.5% rise recorded in December.
In the Asian session, at GMT0300, the pair is trading at 0.9973, with the USD trading marginally higher from Friday’s close.
The pair is expected to find support at 0.9950, and a fall through could take it to the next support level of 0.9926. The pair is expected to find its first resistance at 0.9997, and a rise through could take it to the next resistance level of 1.0022.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
