USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.30% against the CAD to close at 1.0606. The Canadian Dollar gained ground against the US Dollar after price of crude-oil, Canada’s largest exported commodity, climbed to a six-week high in the New York trading session. However, the gains in the loonie were capped, after the Bank of Canada (BoC), in its semi-annual Financial System Review, cautioned that “the high level of household debt and imbalances in the housing sector” pose an “elevated” risk to Canada’s financial stability. However, the central bank also mentioned that the overall level of danger has fallen from six months ago.
In the Asian session, at GMT0400, the pair is trading at 1.0606, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 1.0588, and a fall through could take it to the next support level of 1.0571. The pair is expected to find its first resistance at 1.0635, and a rise through could take it to the next resistance level of 1.0665.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
