USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.27% against the CAD to close at 1.0158.
The Bank of Canada maintained its key interest rate unchanged at 1.0%. The central bank noted that “the outlook for the global economy has deteriorated and uncertainty has increased” in the past few months. The central bank further added that the sovereign debt crisis in Europe has intensified, conditions in international financial markets have tightened and risk aversion has risen.
In the Asian session, at GMT0400, the pair is trading at 1.0138, with the USD trading 0.19% lower from yesterday’s close.
The pair is expected to find support at 1.0111, and a fall through could take it to the next support level of 1.0084. The pair is expected to find its first resistance at 1.0167, and a rise through could take it to the next resistance level of 1.0195.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
