USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.28% against the CAD to close at 1.0683.
Yesterday, leading ratings agency, Moody’s Investors Service downgraded its outlook on the Canadian banking system, citing the government’s unwillingness to bail out banks in the event of a financial crisis.
In the Asian session, at GMT0300, the pair is trading at 1.0684, with the USD trading 0.01% higher from yesterday’s close.
The pair is expected to find support at 1.0645, and a fall through could take it to the next support level of 1.0607. The pair is expected to find its first resistance at 1.0704, and a rise through could take it to the next resistance level of 1.0725.
Trading trends in the pair today are expected to be determined by the housing starts data from Canada and Fed’s minutes slated to release later during the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
