USDCAD Movement
For the 24 hours to 23:00 GMT, the USD fell 0.14% against the CAD to close at 1.0332. The growth sensitive, Canadian Dollar was boosted by news that second-quarter gross domestic product in the Euro zone grew 0.3% from the previous quarter, stronger than the market had expected.
Meanwhile, the US Dollar fell after the Fed St Louis President, James Bullard, cautioned against excessive optimism over the economy. He stated that September may be too early for the Fed to taper its asset purchase program. Additionally, softer producer price data in the US also weighed on the greenback.
In the Asian session, at GMT0300, the pair is trading at 1.0323, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0302, and a fall through could take it to the next support level of 1.0280. The pair is expected to find its first resistance at 1.0358, and a rise through could take it to the next resistance level of 1.0392.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
