USDCAD Movement
USD/CAD: Tumbling oil prices kept Loonie lower, trading flat this morning
For the 24 hours to 23:00 GMT, USD rose 0.68% against the CAD to close at 0.9625.
The Bank of Canada decided to maintain the target for the overnight rate at 1% after the April meeting. Meanwhile, the international merchandise trade surplus, on monthly basis, declined to $0.03 billion in February. Additionally, The New Housing Price Index (NHPI) rose 0.4% (M-o-M) in February, following a 0.2% rise in January.
In the Asian session at 3:00GMT, the pair is trading at 0.9627, 0.02% higher from the New York session close.
The first area of short term resistance is observed at 0.9672, followed by 0.9716 and 0.9819. The first area of support is at 0.9569, with the subsequent supports at 0.9510 and 0.9407.
Investors are eying monetary policy report in Canada to be released later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
