USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.49% against the CAD to close at 1.1060.
In the Asian session, at GMT0400, the pair is trading at 1.1057, with the USD trading slightly lower from yesterday’s close. Early morning, Canada’s Finance Minister, Jim Flaherty emphasised the need for tax reduction for families ahead of the government’s plan to lower its debt burden and boost spending in the economy.
Separately, Nouriel Roubini, a New York University economist advised the Bank of Canada (BoC) to undertake measures to weaken its currency and spur growth in the Canadian economy.
The pair is expected to find support at 1.1030, and a fall through could take it to the next support level of 1.1003. The pair is expected to find its first resistance at 1.1106, and a rise through could take it to the next resistance level of 1.1155.
With no major economic releases from Canada, later today, traders would eye global economic news for further guidance in the pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
