USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.22% against the CAD to close at 1.1085. The Canadian Dollar advanced against the US Dollar as a rise in the prices of crude oil, Canada’s biggest export, bolstered the growth prospects of the nation’s export sector.
In the Asian session, at GMT0400, the pair is trading at 1.1090, with the USD trading slightly higher from yesterday’s close.
The pair is expected to find support at 1.1050, and a fall through could take it to the next support level of 1.1009. The pair is expected to find its first resistance at 1.1128, and a rise through could take it to the next resistance level of 1.1165.
Later today, the Statistics Canada is expected to publish a report on the nation’s building permits, which is widely expected to register a rise in December.
The currency pair is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
