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USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.13% against the CAD to close at 0.9784.
The Bank of Canada Governor, Mark Carney, stated that the China?s present economic slowdown and that of other Asian countries such as India and Indonesia are not part of a continuing trend and would rebound.
In the Asian session, at GMT0300, the pair is trading at 0.9786, with the USD trading marginally higher from Yesterday?s close.
The pair is expected to find support at 0.9771, and a fall through could take it to the next support level of 0.9757. The pair is expected to find its first resistance at 0.9809, and a rise through could take it to the next resistance level of 0.9833.
Trading trends in the pair today are expected to be determined by the release of retail sales in Canada which is expected to rise 0.2% (MoM) in July.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
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