USDCAD Movement
For the 24 hours to 23:00 GMT, the USD marginally rose against the CAD to close at 1.0592.
On the economic front, Statistics Canada reported that foreign investments increased by CAD4.41 billion, following revised investments worth CAD8.29 billion reported in the earlier month.
In the Asian session, at GMT0400, the pair is trading at 1.0586, with the USD trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.0573, and a fall through could take it to the next support level of 1.0559. The pair is expected to find its first resistance at 1.0599, and a rise through could take it to the next resistance level of 1.0611.
With a relatively light domestic economic calendar in Canada, trading trends in the pair would be determined by releases from the US.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
