USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined marginally against the CAD to close at 0.9610.
In the US, the non-manufacturing index dropped to a reading of 52.7 in July, following a reading of 53.3 in June. Additionally, for the week ended 29 July 2011, mortgage application volume, on a seasonally adjusted basis, gained 7.1% from one week earlier.
In the Asian session at 3:00GMT, the pair is trading at 0.9634, 0.25% higher from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9667, followed by 0.9699 and 0.9783. The first area of support is at 0.9583, with the subsequent supports at 0.9531 and 0.9447.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
