USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.18% against the CAD to close at 1.0253. The commodity-sensitive loonie recorded gains amid a sharp rise in oil and copper prices.
Yesterday, the Bank of Canada Governor, Mark Carney stated that the central bank is likely to raise interest rates after a “period of time” i.e. he does not expect any increases in interest rates by the central bank before the economy recovers and grows at a 2% clip.
In the Asian session, at GMT0300, the pair is trading at 1.0229, with the USD trading 0.23% lower from yesterday’s close.
The pair is expected to find support at 1.0210, and a fall through could take it to the next support level of 1.0191. The pair is expected to find its first resistance at 1.0264, and a rise through could take it to the next resistance level of 1.0299.
In the absence of any major economic release in Canada, the pair shall take cues from the scheduled US employment figures.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
