USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.47% against the CAD to close at 1.0594, following upbeat jobless claims and consumer confidence data released in the US yesterday. Meanwhile, decline in crude oil prices, Canada’s largest export for the fourth consecutive day, weighed on the Loonie. Separately, the average weekly earnings of non-farm payroll employees in Canada climbed 1.9% in September from a revised 1.1% gain in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.0587, with the USD trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.0543, and a fall through could take it to the next support level of 1.0498. The pair is expected to find its first resistance at 1.0618, and a rise through could take it to the next resistance level of 1.0648.
Ahead today, economic data lined up for release in Canada include third quarter current account figures, industrial product prices and raw material prices for October. However, traders would keenly await for third quarter annualized gross domestic product in Canada, which is expected to release tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
