USD/CAD: Loonie trading marginally lower, ahead of BoC Governor’s speech


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.43% against the CAD and closed at 1.2711.

Data indicated that the seasonally adjusted Ivey PMI in Canada rose more-than-expected to 63.8 in October. In the previous month, the Ivey PMI had registered a level of 59.6.

In the Asian session, at GMT0400, the pair is trading at 1.2712, with the USD trading a tad higher from yesterday’s close.

The pair is expected to find support at 1.2682, and a fall through could take it to the next support level of 1.2653. The pair is expected to find its first resistance at 1.2762, and a rise through could take it to the next resistance level of 1.2813.

Investors will await a speech by the Bank of Canada’s (BoC) Governor, Stephen Poloz, scheduled later in the day, to get insights about the monetary policy.

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

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