USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.60% against the CAD to close at 0.9689.
Canadian dollar weakened against the greenback yesterday, as fresh euro zone debt problems hurt investor demand for commodity-linked currencies.
In economic news, Mortgage and Housing Corporation (CMHC) reported that the seasonally adjusted annual rate of housing starts in Canada stood at 197,400 units in June, following a revised rate of 194,100 units recorded in both April and May.
In the Asian session at 3:00GMT, the pair is trading at 0.9719, 0.31% higher from yesterday’s close at 23:00 GMT. The first area of short term resistance is observed at 0.9756, followed by 0.9793 and 0.9896. The first area of support is at 0.9653, with the subsequent supports at 0.9587 and 0.9484.
The pair is trading well above its 20 Hr and 50 Hr moving averages.
