USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.22% against the CAD to close at1.0079.
Yesterday, the Canadian Dollar received support amid surprise rise in crude oil prices, Canada’s biggest export.
Moreover, wholesale sales in Canada rose 0.9% (MoM) in May surpassing the market expectation of a 0.2% rise. Meanwhile, in the US, initial jobless claim rose by 34,000 to 386,000 in the week ending July 14, 2012.
In the Asian session, at GMT0300, the pair is trading at 1.0076, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0059, and a fall through could take it to the next support level of 1.0042. The pair is expected to find its first resistance at 1.0100, and a rise through could take it to the next resistance level of 1.0124.
In the day ahead, consumer price index in Canada is expected to show a rise of 1.7% (YoY).
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
