USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.36% against the CAD to close at 0.9809, as risk appetite received a boost after Spain’s cabinet approved its budget and stated that it would ease the nation’s debt crisis.
In the Asian session, at GMT0300, the pair is trading at 0.9791, with the USD trading 0.18% lower from Yesterday’s close.
The pair is expected to find support at 0.9769, and a fall through could take it to the next support level of 0.9747. The pair is expected to find its first resistance at 0.9833, and a rise through could take it to the next resistance level of 0.9876.
In the day ahead, Canadian Gross Domestic Product (GDP) is expected to show an expansion of 2.0% (YoY) in July.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
