USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.63% against the CAD and closed at 1.3235.
The Canadian Dollar gained ground, after the Bank of Canada (BoC) Governor, Stephen Poloz signalled that the BoC could raise interest rates sooner than estimated, after he stated that the central bank’s 2015 interest rate cuts “have largely done their work” and economic recovery from weak oil prices appeared to be broadening.
In the Asian session, at GMT0300, the pair is trading at 1.3228, with the USD trading slightly lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3195, and a fall through could take it to the next support level of 1.3163. The pair is expected to find its first resistance at 1.3277, and a rise through could take it to the next resistance level of 1.3327.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
