USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.23% against the CAD to close at 1.0016.
The Canadian Dollar climbed against the greenback ahead of a meeting where the Federal Reserve may indicate that it would take further steps to boost the economy of the nation’s biggest trade partner. Moreover, speculation that the European Central Bank may undertake additional monetary stimulus at a meeting August 2, also aided trading sentiment towards the Canadian Dollar.
In the Asian session, at GMT0300, the pair is trading at 1.0006, with the USD trading 0.10% lower from yesterday’s close.
The pair is expected to find support at 0.9989, and a fall through could take it to the next support level of 0.9971. The pair is expected to find its first resistance at 1.0039, and a rise through could take it to the next resistance level of 1.0071.
In the day ahead, Canadian Gross Domestic Product (GDP) to be released is expected to show a rise of 0.2% (MoM) in May. Investors are also eyeing industrial product price and raw materials price index data in Canada.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
