USD/CAD: Canadian Dollar Holds On To Yesterday's Gains

USD/CAD: Canadian Dollar Holds On To Yesterday's Gains

For the 24 hours to 23:00 GMT, the USD declined 0.05% against the CAD to close at 0.9843.

In economic news, new Housing Price Index (HPI) in Canada rose 0.2% (MoM) in October, slightly better than market-expectations of a 0.1% rise.

Additionally, the capacity utilization rate in Canada rose to 80.9% in the third quarter of 2012, compared to a downwardly revised same rate recorded in the previous quarter.

In the Asian session, at GMT0400, the pair is trading at 0.9838, with the USD trading 0.06% lower from yesterday's close.

The pair is expected to find support at 0.9823, and a fall through could take it to the next support level of 0.9809. The pair is expected to find its first resistance at 0.9854, and a rise through could take it to the next resistance level of 0.9870.

On the macro front, markets are awaiting Canadian manufacturing shipments data scheduled for release later today.