USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 0.9866.
On the US economic front, consumer credit increased by more-than-expected $16.0 billion in November, compared to an upwardly revised $14.1 billion increase recorded last month. Meanwhile, the Economic Optimism Index rose to a reading of 46.5 in January, from a reading of 45.1 recorded in December. Separately, the National Federation of Independent Business (NIFB) reported that, on a seasonally adjusted basis, its Small Business Optimism index rose to an annual rate of 88.0 in December, from a reading of 87.5 recorded in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 0.9874, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.9850, and a fall through could take it to the next support level of 0.9827. The pair is expected to find its first resistance at 0.9890, and a rise through could take it to the next resistance level of 0.9906.
In economic releases, Canadian housing starts data, scheduled for release later today, is expected to impact trading trends in the pair.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
