USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.63% against the CAD to close at 1.0349.
In the Asian session, at GMT0300, the pair is trading at 1.0348, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0296, and a fall through could take it to the next support level of 1.0245. The pair is expected to find its first resistance at 1.0382, and a rise through could take it to the next resistance level of 1.0417.
In absence of any domestic economic data ahead in the day, the direction of the Canadian Dollar is likely to be determined from external factors.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
