USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.38% against the CAD to close at 0.9632.
The Canadian dollar slipped for a second session against the greenback, yesterday, after a major ratings agency downgraded Portugal and as poor European economic data and concerns over further monetary tightening in China reduced investor appetite for riskier assets.
In the Asian session at 3:00GMT, the pair is trading at 0.9616, 0.17% lower from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9639, followed by 0.9662 and 0.9704. The first area of support is at 0.9597, with the subsequent supports at 0.9578 and 0.9536.
The pair is expected to trade on the cues from the release of data on building permits in Canada.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
