USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.23% against the CAD to close at 1.0230, after risk appetite faded as rising borrowing costs for Spain and Italy reignited speculation that European leaders are struggling to contain their debt crisis.
Additionally, the Loonie weakened as crude oil, Canada’s biggest export, fell more than 2.0% yesterday, on demand concerns.
In the Asian session, at GMT0300, the pair is trading at 1.0228, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0189, and a fall through could take it to the next support level of 1.0150. The pair is expected to find its first resistance at 1.0273, and a rise through could take it to the next resistance level of 1.0318.
Trading trends in the pair today are expected to be determined by the release of wholesale sales data in Canada.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
