USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.31% against the CAD to close at 1.0945. The Canadian Dollar gained ground after the capacity utilization of the nation rose to 82.7%, a 7-year high in 2Q 2014, compared to a level of 82.1% registered in the previous quarter.
In the Asian session, at GMT0300, the pair is trading at 1.0951, with the USD trading tad higher from yesterday’s close.
The pair is expected to find support at 1.0917, and a fall through could take it to the next support level of 1.0882. The pair is expected to find its first resistance at 1.1001, and a rise through could take it to the next resistance level of 1.1050.
Investors would wait for the release of Canada’s housing prices data, scheduled later today.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
