USD/CAD: OECD raised its 2018 growth outlook for Canadian economy


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.91% against the CAD and closed at 1.2957.

Yesterday, the Paris-based think tank, OECD nudged up its growth forecast for Canada to 2.2% in 2018, up from 2.1% it had forecasted earlier in November.

In the Asian session, at GMT0400, the pair is trading at 1.2945, with the USD trading 0.09% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2856, and a fall through could take it to the next support level of 1.2767. The pair is expected to find its first resistance at 1.3009, and a rise through could take it to the next resistance level of 1.3073.

Ahead in the day, market participants would look forward to Canada’s Teranet/National Bank house price index for February.

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

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