USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.14% against the CAD to close at 1.0138. Canada’s dollar rose as crude oil, touched the highest level in three months. The currency also rose, after the European Central Bank Executive Board member, Juergen Stark, stated that the euro region’s debt crisis will be under control in two years.
In the Asian session, at GMT0400, the pair is trading at 1.0150, with the USD trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 1.0111, and a fall through could take it to the next support level of 1.0072. The pair is expected to find its first resistance at 1.0196, and a rise through could take it to the next resistance level of 1.0242.
Trading trends in the pair today are expected to be determined by the release of Bank of Canada Governor Carney’s speech and housing price data in Canada.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving average.
