For the 24 hours to 23:00 GMT, USD declined 0.15% against the CAD to close at 0.9967.
The Organization for Economic Cooperation and Development (OECD) has urged that the Bank of Canada should maintain an accommodative monetary policy to offset the drag from government austerity measures and help debt-ridden households deleverage in an “orderly” manner.
Meanwhile, in economic news, Industrial Product Price in Canada rose 0.2% (MoM) in February, while raw material price index fell 0.5% (MoM) in February.
In the Asian session, at GMT0300, the pair is trading at 0.9962, with the USD trading 0.05% lower from yesterday’s close.
The pair is expected to find support at 0.9937, and a fall through could take it to the next support level of 0.9912. The pair is expected to find its first resistance at 1.0003, and a rise through could take it to the next resistance level of 1.0044.
Trading trends in the pair today are expected to be determined by the release of Gross Domestic Product (GDP) in Canada.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
