USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.30% against the CAD to close at 1.0867, amid broad gains in commodity prices.
In a noteworthy event, Moody’s Investors Service slashed its “Stable” outlook on some of Canada’s senior debt and uninsured deposits to a “Negative” outlook on government’s decision to implement “bail-in” provisions for domestic systemically important banks.
In the Asian session, at GMT0300, the pair is trading at 1.0864, with the USD trading slightly lower from yesterday’s close.
The pair is expected to find support at 1.0847, and a fall through could take it to the next support level of 1.0829. The pair is expected to find its first resistance at 1.0894, and a rise through could take it to the next resistance level of 1.0923.
Later today, the Statistics Canada is scheduled to publish data on Canada’s capacity utilisation and new housing price index.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
