USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.76% against the CAD to close at 0.9784, following the release of significantly stronger-than-forecast US housing starts data, while hopes for a Spanish bailout also bolstered risk appetite.
In the Asian session, at GMT0300, the pair is trading at 0.9782, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 0.9740, and a fall through could take it to the next support level of 0.9699. The pair is expected to find its first resistance at 0.9847, and a rise through could take it to the next resistance level of 0.9913.
Trading trends in the pair today are expected to be determined by the release of wholesale sales data in Canada.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
