Canadian Dollar Fell As Crude Declined On Hurricane Worries

Canadian Dollar Fell As Crude Declined On Hurricane Worries

For the 24 hours to 23:00 GMT, the USD rose 0.14% against the CAD to close at 1.0009, as concerns over prospects for global growth bolstered safe haven demand. The Canadian Dollar also slipped as the price of crude oil fell after Hurricane Sandy hit the US East Coast.

In the Asian session, at GMT0400, the pair is trading at 1.0013, with the USD trading marginally higher from yesterday’s close.

The pair is expected to find support at 0.9991, and a fall through could take it to the next support level of 0.9968. The pair is expected to find its first resistance at 1.0027, and a rise through could take it to the next resistance level of 1.0042.

Trading trends in the pair today are expected to be determined by the release of Canada’s industrial product price and the raw material price index data.