USD/CAD: Canadian companies remain upbeat: BoC business outlook survey


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.18% against the CAD and closed at 1.2421.

According to the Bank of Canada’s (BoC) business outlook survey, Canadian businesses remained optimistic about future sales with firms planning to boost investment and to hire more workers, despite concerns surrounding NAFTA.

In the Asian session, at GMT0400, the pair is trading at 1.2409, with the USD trading 0.1% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2381, and a fall through could take it to the next support level of 1.2354. The pair is expected to find its first resistance at 1.2443, and a rise through could take it to the next resistance level of 1.2478.

Ahead in the day, investors would draw their attention to Canada’s housing starts data for December.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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