USD/CAD: Pair Trading Just Below Its MA's

USD/CAD: Pair Trading Just Below Its MA's

For the 24 hours to 23:00 GMT, the USD declined marginally against the CAD to close at 0.9861, amid speculation that the Federal Reserve in its two day policy meeting concluding today would provide additional monetary stimulus.

Meanwhile, on the data front, trade deficit in Canada narrowed to C$0.17 billion in October, compared to a revised C$1.01 billion deficit recorded in September.

In the Asian session, at GMT0400, the pair is trading at 0.9863, with the USD trading flat from yesterday's close.

The pair is expected to find support at 0.9854, and a fall through could take it to the next support level of 0.9845. The pair is expected to find its first resistance at 0.9876, and a rise through could take it to the next resistance level of 0.9889.