USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.43% against the CAD to close at 0.9908.
Yesterday, the Bank of Canada (BoC) kept its overnight rate unchanged at 1.00% in September, in line with market expectations. The bank stated the domestic economic growth was still roughly in line with forecast and added that growth was expected to pick up through 2013.
In the Asian session, at GMT0300, the pair is trading at 0.9907, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 0.9870, and a fall through could take it to the next support level of 0.9834. The pair is expected to find its first resistance at 0.9931, and a rise through could take it to the next resistance level of 0.9956.
With no major release from Canada, the pair is expected to trade on trends in the greenback.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
