USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.73% against the CAD to close at 1.0096. Canadian dollar strengthened after Bank of Canada (BoC) kept its key overnight rate at 1.0%. The BoC policy makers further stated that growth in the domestic and the US economy is stronger than forecasted.
Additionally, the Ivey Purchasing Managers’ Index (PMI) rose to 59.9 in November, compared to 54.4 in October. On a monthly basis, building permits rose 11.9% to C$6.3 billion in October, following a 4.1% decline in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.0092, with the USD trading 0.04% lower from yesterday’s close.
The pair is expected to find support at 1.0049, and a fall through could take it to the next support level of 1.0006. The pair is expected to find its first resistance at 1.0171, and a rise through could take it to the next resistance level of 1.0250.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
