USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 1.23% against the CAD to close at 1.0401, after the Federal Reserve Chairman, Ben Bernanke stated that the US needs “highly accommodative monetary policy” or low interest rates “for the foreseeable future.”.
In the Asian session, at GMT0300, the pair is trading at 1.0384, with the USD trading 0.16% lower from yesterday’s close.
The pair is expected to find support at 1.0328, and a fall through could take it to the next support level of 1.0272. The pair is expected to find its first resistance at 1.0486, and a rise through could take it to the next resistance level of 1.0588.
Trading trends in the pair today are expected to be determined by the release of Canada’s new housing price index.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
