USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 1.0858, as the recent batch of upbeat economic releases from the US economy increased demand of the US Dollar.
In the Asian session, at GMT0300, the pair is trading at 1.0856, with the USD trading slightly lower from yesterday’s close.
The pair is expected to find support at 1.0833, and a fall through could take it to the next support level of 1.0811. The pair is expected to find its first resistance at 1.0877, and a rise through could take it to the next resistance level of 1.0899.
Amid lack of major economic releases from Canada today, traders would shift their focus to the release of Canadian GDP figures, which are due at the end of the week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
