USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.32% against the CAD to close at 0.9782, following comments on the weekend by Bank of Canada governor, Mark Carney. He warned in a speech during the annual meeting of the Inter-American Development Bank in Calgary on Saturday that commodity prices could continue to increase for decades and encouraged central banks in emerging markets not to delay raising interest rates because inflation pressures would only worsen.
The Chicago Federal President, Charles Evans and Atlanta Federal President, Dennis Lockhart stated that recent spikes in energy and food price are likely to be short-lived and probably would not trigger a broad rise in costs that would force the US central bank to reverse its monetary policy stance.
In the Asian session at 3:00GMT, the pair is trading at 0.9771, 0.11% lower from the New York session close.
The first area of short term resistance is observed at 0.9816, followed by 0.9862 and 0.9948. The first area of support is at 0.9730, with the subsequent supports at 0.9690 and 0.9604.
The currency pair is showing convergence with its 20 Hr moving average and its 50 Hr moving average.
