- USDCAD Movement
On Monday, for the 24 hours to 23:00 GMT, the USD declined 0.23% against the CAD to close at 0.9922.
The Canadian Dollar advanced as the US President, Barack Obama stated that congressional leaders were “close” to a deficit-reduction deal to avoid tipping the nation’s largest trading partner into recession. Moreover, Crude oil, Canada’s largest export, also rose sharply on Monday, further supporting the Canadian Dollar.
In the Asian session, at GMT0400, the pair is trading at 0.9877, with the USD trading 0.44% lower from Monday’s close.
The pair is expected to find support at 0.9833, and a fall through could take it to the next support level of 0.9788. The pair is expected to find its first resistance at 0.9947, and a rise through could take it to the next resistance level of 1.0016.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
