USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.25% against the CAD to close at 1.0161, as renewed investors’ optimism that the European officials would be able to solve the debt crisis next week, spurred demand for high yielding assets.
German Chancellor Angela Merkel and French President Nicolas Sarkozy agreed to ask Euro officials leaders to assess a “comprehensive and ambitious” package of measures to solve the Greece debt crisis at the summit on Sunday.
In Canada, the wholesale sales rose up 0.2% (M-o-M) in August to C$48.4 billion following a 0.9% rise in July.
In the Asian session, at GMT0300, the pair is trading at 1.0158, with the USD trading slightly lower from yesterday’s close.
The pair is expected to find support at 1.0111, and a fall through could take it to the next support level of 1.0064. The pair is expected to find its first resistance at 1.0226, and a rise through could take it to the next resistance level of 1.0294.
The pair is expected to trade on the cues from the release of Consumer Price Index (CPI) in Canada.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
