USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.57% against the CAD to close at 0.9811, as market sentiment firmed up after the European Central Bank (ECB) reiterated that it was ready to buy the debt of troubled Euro-zone states.
The Canadian Dollar also found support after the senior deputy governor of the Bank of Canada indicated earlier that the central bank was still looking at raising rates, adding that the bank would continue to monitor conditions in the labor market.
Meanwhile, in Canadian economic news, the seasonally adjusted Ivey purchasing managers index (PMI) fell to a reading of 60.4 in September, from 65.2 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 0.9802, with the USD trading 0.10% lower from yesterday’s close.
The pair is expected to find support at 0.9777, and a fall through could take it to the next support level of 0.9753. The pair is expected to find its first resistance at 0.9849, and a rise through could take it to the next resistance level of 0.9896.
Trading trends in the pair today are expected to be determined by the release of unemployment rate and net change in employment data.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
