USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.48% against the CAD to close at 0.9960.
There were no major economic releases in Canada yesterday. Meanwhile, in the US, Automatic Data Processing, Inc. (ADP) reported that private sector employment in the US rose by 209,000 jobs in March, above expectations for a gain of 200,000. According to the Mortgage Bankers Association (MBA), for the week ended 30 March 2012, mortgage application volume in the US, on a seasonally adjusted basis, rose 4.8% from one week earlier.
In the Asian session, at GMT0300, the pair is trading at 0.9967, with the USD trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 0.9929, and a fall through could take it to the next support level of 0.9891. The pair is expected to find its first resistance at 0.9989, and a rise through could take it to the next resistance level of 1.0012.
Economic releases taking center stage today includes unemployment rate and building permits in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
