USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 2.16% against the CAD to close at 1.0280.
Loonie declined against the greenback as drop in the oil prices and signs of slowing growth in China and Germany encouraged investors to flock to safe-havens.
In economic news, retail sales in Canada declined 0.6% (M-o-M) in July following a 0.8% growth in the previous month.
In the US, the leading economic index rose 0.3% (M-o-M) in August following a 0.6% level in July.
In the Asian session at 3:00GMT, USD is trading at 1.0251, 0.28% lower against the Canadian dollar from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 1.0381, followed by 1.0510 and 1.0787. The first area of support is at 1.0103, with the subsequent supports at 0.9955 and 0.9677.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
