USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.14% against the CAD to close at 0.9944.
Yesterday, the Organization for Economic Co-operation and Development, in its new global outlook, forecasted that Canada’s economy would log “moderate” growth until mid-2013. The agency reported that the Canadian economy is projected to finish this year with expansion of 2%, followed by 1.8% in 2013 and 2.4% in 2014. However, it warned that though the Canadian economic expansion is rising, governments should be prepared to respond to possible foreign and domestic shocks that could send the recovery off track.
In the Asian session, at GMT0400, the pair is trading at 0.9938, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 0.9913, and a fall through could take it to the next support level of 0.9887. The pair is expected to find its first resistance at 0.9957, and a rise through could take it to the next resistance level of 0.9976.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
