USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined marginally against the CAD to close at 1.0434. The Canadian Dollar advanced against its US counterparts, as investors’ appetite for risk-taking increased after a report showed that foreign investors invested C$8.36 billion in Canadian securities during September, more than analysts’ expectation for an investment of C$6.71 billion and compared to C$2.08 billion of investment registered in the previous month.
Separately, the Bank of Canada (BoC) Senior Deputy Governor, Tiff Macklem, appreciated the financial reforms agenda pursued by the Group of 20 leading economies to mitigate global financial risks and stated that, as a result, these financial risks are weighing less on BoC’s monetary policy decisions.
In the Asian session, at GMT0400, the pair is trading at 1.0436, with the USD trading tad higher from yesterday’s close.
The pair is expected to find support at 1.0420, and a fall through could take it to the next support level of 1.0403. The pair is expected to find its first resistance at 1.0446, and a rise through could take it to the next resistance level of 1.0455.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
