USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.55% against the CAD to close at 0.9743, as investors bought riskier assets.
In the US, the Atlanta Federal Reserve President Dennis Lockhart, stated that the recent struggles of the US economy are no reason to panic, but the rebound’s lack of conviction is troubling.
In the US, the consumer credit rose by $6.3 billion in April, following a revised $4.8 billion increase recorded in March.
In the Asian session at 3:00GMT, the pair is trading at 0.9784, 0.42% higher from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9818, followed by 0.9853 and 0.9933. The first area of support is at 0.9738, with the subsequent supports at 0.9693 and 0.9613.
The currency pair is trading just above its 20 Hr and its 50 Hr moving averages.
