USD/CAD: Pair Trading Below Its MA's

USD/CAD: Pair Trading Below Its MA's

For the 24 hours to 23:00 GMT, the USD declined marginally against the CAD to close at 0.9929.

In the US, the Chicago Fed National Activity Index dropped to a reading of -0.56 in October, following a flat reading in the previous month. Meanwhile, the Dallas Fed manufacturing business index declined to a reading of -2.80 in November, against the expectation for an improvement to a reading of 2.0 and compared to a reading of 1.80 in the previous month.

In the Asian session, at GMT0400, the pair is trading at 0.9926, with the USD trading marginally lower from yesterday's close.

The pair is expected to find support at 0.9909, and a fall through could take it to the next support level of 0.9892. The pair is expected to find its first resistance at 0.9952, and a rise through could take it to the next resistance level of 0.9977.