USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.96% against the CAD to close at 1.1302.
Yesterday, the Canadian Finance Minister Joe Oliver stated that the subdued growth along with deflation threats in the Euro-zone would have an impact on the Canadian economic outlook; however, the optimism surrounding the US economy would offset the danger to some extent.
In the Asian session, at GMT0300, the pair is trading at 1.1328, with the USD trading 0.23% higher from yesterday’s close.
The pair is expected to find support at 1.1231, and a fall through could take it to the next support level of 1.1133. The pair is expected to find its first resistance at 1.1386, and a rise through could take it to the next resistance level of 1.1443.
Trading trends in the CAD today are expected to be determined by Canada’s existing home sales data, scheduled later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
