USDCAD Movement
For the 24 hours to 23:00 GMT, the USD slightly rose against the CAD and closed at 1.3381.
Yesterday, the Bank of Canada (BoC) Governor, Stephen Poloz, stated that Canada has a wide room for economic growth and if interest rates are raised now, it will lead the nation into recession.
In the Asian session, at GMT0300, the pair is trading at 1.3388, with the USD trading marginally higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3355, and a fall through could take it to the next support level of 1.3321. The pair is expected to find its first resistance at 1.3418, and a rise through could take it to the next resistance level of 1.3447.
Amid no economic releases in Canada today, investor sentiment would be governed by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
