Cozfx: For the 24 hours to 23:00 GMT, the USD dropped 0.57% against the CAD to close at 0.9811, as market sentiment firmed up after the European Central Bank (ECB) reiterated that it was ready to buy the debt of troubled Euro-zone states. In the Asian session, at GMT0300, USD/CAD is trading at 0.9802, with the USD trading 0.10% lower from yesterday’s close.

The Canadian Dollar also found support after the senior deputy governor of the Bank of Canada indicated earlier that the central bank was still looking at raising rates, adding that the bank would continue to monitor conditions in the labour market. At the same time, in Canadian economic news, the seasonally adjusted Ivey purchasing managers index (PMI) fall to a reading of 60.4 in September, from 65.2 in the previous month.

Technically, the currency pair is predicted to find its first resistance at 0.9849, a rose through might take it to the next resistance line of 0.9896. Also, the pair is predicted to find support at 0.9777, and a fell through might take it to the next support line of 0.9753.

Trading trends in the pair today are predicted to be determined by the release of net change in employment data and unemployment rate.

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