USD/CAD: USD erases losses as crude retreats after Japan quake; continue to trade higher this morning

USDCAD Movement

For the 24 hours to 23:00 GMT, USD rose 0.11% against the CAD to close at 0.9736.

In Canada, capacity utilization rose to 76.4% in 4Q FY2010 compared to a 76.2% rate posted in 3Q FY2010.

In the Asian session at 4:00GMT, the pair is trading at 0.9829, 0.96% higher from the New York session close.

The first area of short term resistance is observed at 0.9876, followed by 0.9924 and 1.0056. The first area of support is at 0.9744, with the subsequent supports at 0.9660 and 0.9528.

The pair is expected to trade on the cues from the release of data on labor productivity and new motor vehicle sales in Canada.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.