USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.82% against the CAD to close at 1.3014, after the US Federal Reserve’s April monetary policy meeting minutes bolstered expectations that the central bank could raise interest rates in June.
In the Asian session, at GMT0300, the pair is trading at 1.3051, with the USD trading 0.28% higher from yesterday’s close.
The pair is expected to find support at 1.2943, and a fall through could take it to the next support level of 1.2835. The pair is expected to find its first resistance at 1.3106, and a rise through could take it to the next resistance level of 1.3161.
Going ahead, investors will look forward to Canada’s wholesale sales data for March, scheduled to release later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
