USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.24% against the CAD to close at 0.9867.
Yesterday, the Canadian Finance Minister, Jim Flaherty, stated that he is optimistic that the US would avoid the so-called “fiscal cliff”, indicating that otherwise the effect on the US economy would be very significant and would directly affect Canada. Additionally, he stated that the Euro-zone debt crisis represents a “clear and present danger” and has not improved despite some helpful measures by policymakers.
In the Asian session, at GMT0300, the pair is trading at 0.9866, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 0.9844, and a fall through could take it to the next support level of 0.9821. The pair is expected to find its first resistance at 0.9887, and a rise through could take it to the next resistance level of 0.9907.
Trading trends in the pair today are expected to be determined by the release of Ivey Purchasing Managers Index in Canada.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
