USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.41% against the CAD to close at 0.9831, after US Federal Reserve Chairman, Ben Bernanke stated at a news conference that the central bank is “willing and able” to take further steps to stimulate the economy if necessary to ensure that the recovery continues. The Canadian Dollar also rose, amid rosier US corporate earnings reports and signs of improving investor sentiment about the Euro-zone debt market.
In the Asian session, at GMT0300, the pair is trading at 0.9830, with the USD trading 0.02% lower from yesterday’s close.
The pair is expected to find support at 0.9809, and a fall through could take it to the next support level of 0.9789. The pair is expected to find its first resistance at 0.9864, and a rise through could take it to the next resistance level of 0.9899.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
