USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.11% against the CAD to close at 1.0031.
Canadian Dollar fell, as risk sentiment continued to fade amid speculation that Europe’s debt crisis would worsen as Greece struggled to form a new government. Additionally, weaker-than-expected international merchandise trade balance data in Canada, pressurized the Canadian Dollar .
The trade surplus in Canada widened to $0.35 billion in March, compared to the market expectation of $0.50 billion. Additionally, new housing price index in Canada rose 2.6% (YoY) in March.
In the Asian session, at GMT0300, the pair is trading at 1.0037, with the USD trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 0.9995, and a fall through could take it to the next support level of 0.9954. The pair is expected to find its first resistance at 1.0061, and a rise through could take it to the next resistance level of 1.0084.
The pair is expected to trade on the cues from the release of unemployment rate data in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
