USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.46% against the CAD to close at 1.0825.
The Canadian Dollar lost momentum yesterday, after the Bank of Canada (BoC) Governor, Stephen Poloz hinted that the central bank could implement a cut in interest rates in the near future in a bid to stave off deflation.
In the Asian session, at GMT0400, the pair is trading at 1.0841, with the USD trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 1.0803, and a fall through could take it to the next support level of 1.0764. The pair is expected to find its first resistance at 1.0863, and a rise through could take it to the next resistance level of 1.0884.
Trading trends in the pair today are expected to be determined by the housing data to be released from Canada, which would indicate the strength of the Canadian housing market. Meanwhile, tomorrow’s employment data from Canada would be closely followed by investors to get a fair idea about the health of the Canadian economy.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
