USD/CAD: Loonie trading lower, ahead of BoC’s interest rate decision


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.06% against the CAD and closed at 1.2434.

In the Asian session, at GMT0400, the pair is trading at 1.2441, with the USD trading 0.06% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.2408, and a fall through could take it to the next support level of 1.2374. The pair is expected to find its first resistance at 1.2464, and a rise through could take it to the next resistance level of 1.2486.

Trading trend in the CAD today is expected to be determined by the Bank of Canada’s (BoC) monetary policy decision, due later in the day. Investors widely anticipate the central bank to raise interest rate to 1.25%.

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

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