USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.25 % against the CAD to close at 1.0126.
The Canadian Dollar received support against the US Dollar after Bank of Canada policy makers signaled interest-rate increases remain possible even as the nation’s economy cools amid the global slowdown.
Yesterday, Bank of Canada (BoC) kept its key lending rate at 1.0% as expected, citing weaker growth prospects for global economy.
Separately, manufacturing shipments in Canada fell 0.4% (MoM) in May, declining for the second consecutive month and below market forecasts for a gain of 1.0%.
In the Asian session, at GMT0300, the pair is trading at 1.012, with the USD trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.0101, and a fall through could take it to the next support level of 1.0081. The pair is expected to find its first resistance at 1.0155, and a rise through could take it to the next resistance level of 1.0189.
Investors await Bank of Canada (BoC) monetary policy report in the day ahead.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
