USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.27% against the CAD to close at 1.0241, The Loonie fell as risk aversion increased among investors, after European Union leaders failed to introduce new measures to stem the Euro-zone debt crisis.
The Loonie also weakened as crude oil, Canada’s biggest export, touched a six-month low of $89.28 a barrel in New York session.
In economic news, retail sales in Canada rose 0.4% (MoM) in March, compared to the 0.2% contraction in February. Additionally, leading indicators rose 0.3% (MoM) in April, in line with the market expectation.
In the Asian session, at GMT0300, the pair is trading at 1.0246, with the USD trading 0.05% higher from yesterday’s close.
The pair is expected to find support at 1.0204, and a fall through could take it to the next support level of 1.0162. The pair is expected to find its first resistance at 1.0292, and a rise through could take it to the next resistance level of 1.0338.
The currency pair is trading just above its 20 Hr and well above its 50 Hr moving average.
