USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.16% against the CAD to close at 1.4573.
Yesterday, the International Monetary Fund (IMF) downgraded its 2017 GDP growth outlook for the Canadian economy to 2.1%, down from its previous October estimate of 2.4%, citing the ongoing challenges from China’s slowing growth and plunging oil prices. The IMF left the nation’s growth projection for 2016 unchanged at 1.7%.
In the Asian session, at GMT0400, the pair is trading at 1.4631, with the USD trading 0.4% higher from yesterday’s close.
The pair is expected to find support at 1.4494, and a fall through could take it to the next support level of 1.4356. The pair is expected to find its first resistance at 1.4707, and a rise through could take it to the next resistance level of 1.4783.
Going ahead, investors will focus on the BoC interest rate decision, scheduled to be announced later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
