USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.33% against the CAD to close at 1.1183, after the Federal Reserve officials unanimously agreed to cut further the stimulus program to $65 billion. The central bank left its interest rates unchanged at 0.00%-0.25% and reiterated to keep rates low until the jobless rate falls below 6.5%.
In the Asian session, at GMT0400, the pair is trading at 1.1189, with the USD trading 0.05% higher from yesterday’s close.
Market participants would now shift their focus to Canadian GDP data, slated to release tomorrow, which is widely expected to grow 0.2% (MoM) in November, following a 0.3% (MoM) rise in the previous month.
The pair is expected to find support at 1.1128, and a fall through could take it to the next support level of 1.1067. The pair is expected to find its first resistance at 1.1223, and a rise through could take it to the next resistance level of 1.1257.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
