USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.38% against the CAD to close at 1.0213, as risk aversion increased among investors amid worries of Greece exit from the Euro-zone.
Meanwhile, Organization for Economic Co-operation and Development (OECD) stated Canadian economy would grow 2.2% this year and 2.6% in 2013, stronger than its November projections of 1.9% and 2.5%, respectively. It further urged Canada’s central bank to raise interest rates, and continue doing so through 2013 to cool housing prices and contain inflation.
In the Asian session, at GMT0300, the pair is trading at 1.0225, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.0173, and a fall through could take it to the next support level of 1.0121. The pair is expected to find its first resistance at 1.0256, and a rise through could take it to the next resistance level of 1.0286.
Trading trends in the pair today are expected to be determined by the release of leading indicators and retail sales data in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
