USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.28% against the CAD, on Friday, to close at 0.9922. Canadian dollar rose against greenback, as positive comments from IMF, spurred investors’ risk appetite.
Separately, Bank of Canada (BoC) Governor, Mark Carney, stated that the removal of economic stimulus may be “appropriate”, given stronger growth and inflation.
In economic news, the consumer price index in Canada rose 0.4% in March, compared to 0.4% rise in previous month. Market had expected 0.5% rise in March. The leading indicators index in Canada rose 0.4% (MoM) in March, compared to 0.7% rise in previous month.
In the Asian session, at GMT0300, the pair is trading at 0.9939, with the USD trading 0.18% higher from Friday’s close.
The pair is expected to find support at 0.9904, and a fall through could take it to the next support level of 0.9870. The pair is expected to find its first resistance at 0.9967, and a rise through could take it to the next resistance level of 0.9994.
Trading trends in the pair today are expected to be determined by wholesale sales data in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
