USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.23% against the CAD to close at 0.9442.
In the US, the initial jobless claims rose to 418,000, for the week ended 16 July 2011, compared to the previous week’s revised figure of 408,000. Additionally, for the week ended 9 July 2011, continuing claims fell to 3.698 million, compared to the preceding week’s level of 3.748 million.
In the Asian session at 3:00GMT, the pair is trading at 0.9448, 0.06% higher from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9529 and followed by 0.9603. The first area of support is at 0.9414, with the subsequent supports at 0.9381.
With a series of Canada economic releases today, including Consumer Price Index (CPI) and retail sales, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
