USDCAD Movement
On Friday, the USD rose 0.35% against the CAD to close at 1.0972.
In the Asian session, at GMT0400, the pair is trading at 1.0952, with the USD trading 0.18% lower from yesterday’s close.
The pair is expected to find support at 1.0923, and a fall through could take it to the next support level of 1.0894. The pair is expected to find its first resistance at 1.0983, and a rise through could take it to the next resistance level of 1.1014.
The Bank of Canada (BoC)’s monetary policy meeting on Wednesday, would be closely followed by investors.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
