USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined marginally against the CAD to close at 1.0261. The Canadian Dollar registered slight gains as oil prices rose and as the Bank of Canada Governor, Mark Carney reiterated to lawmakers that the need to raise interest rates is less imminent than previously anticipated.
In the Asian session, at GMT0400, the pair is trading at 1.0259, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0244, and a fall through could take it to the next support level of 1.0230. The pair is expected to find its first resistance at 1.0279, and a rise through could take it to the next resistance level of 1.0300.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
