USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.15% against the CAD to close at 0.9743, after the US Federal Open Market Committee held steady near-zero interest rates in US and Fed Chairman, Ben Bernanke downplayed a another quantitative easing.
In the US, the Federal Reserve lowered its 2011 annual growth outlook to a range of 2.7% to 2.9% from a range of 3.1% to 3.3% forecasted earlier. Meanwhile, it expects the US economy to grow between 3.3% and 3.7% annually in 2012, compared to a growth range of 3.5% to 4.2% estimated earlier.
In the Asian session at 3:00GMT, the pair is trading at 0.9736, 0.07% lower from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9760, followed by 0.9783 and 0.9836. The first area of support is at 0.9707, with the subsequent supports at 0.9677 and 0.9624.
The currency pair is showing convergence with its 20 Hr moving average and its 50 Hr moving average.
