USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.15% against the CAD to close at 1.0537. The Loonie rose as lingering concerns over a possible military strike over Syria bolstered the supply prospect of crude oil from Canada. Positive sentiment was also fuelled after price of crude oil, Canada’s major export, rose as much as 1.2%, in the New York session yesterday.
In the Asian session, at GMT0300, the pair is trading at 1.0540, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0513, and a fall through could take it to the next support level of 1.0485. The pair is expected to find its first resistance at 1.0562, and a rise through could take it to the next resistance level of 1.0583.
Trading trends in the pair today are expected to be determined by the Bank of Canada’s (BoC) interest rate decision, which the market expects to remain unchanged. Investors also await Canada’s international merchandised trade data for July, scheduled to release later today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
