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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.93% against the CAD and closed at 1.3308.

In the Asian session, at GMT0400, the pair is trading at 1.3304, with the USD trading slightly lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3203, and a fall through could take it to the next support level of 1.3101. The pair is expected to find its first resistance at 1.3365, and a rise through could take it to the next resistance level of 1.3425.

Ahead in the day, all eyes will be on Bank of Canada’s (BoC) interest rate decision. Markets broadly expect the central bank to keep the key interest rate unchanged at 0.5%. Also, Canada’s RBC manufacturing PMI will be closely monitored by investors.

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

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