USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.48% against the CAD to close at 0.9807.
In economic news, the number of Canadians getting regular Employment Insurance (EI) assistance declined by 13,300 in January to 640,200.
Federal Reserve Bank of Minneapolis President, Narayana Kocherlakota stated that the bursting of an asset price bubble would not have any impact on unemployment or output if central bank policy is “sufficiently accommodative.
In the Asian session at 3:00GMT, the pair is trading at 0.9802, 0.05% lower from the New York session close.
The first area of short term resistance is observed at 0.9841, followed by 0.9881 and 0.9973. The first area of support is at 0.9749, with the subsequent supports at 0.9697 and 0.9605.
Investors are eying Bank of Canada Deputy Governor, Jean Boivin speech along with other economic releases in Canada to be released later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
