USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.1% against the CAD and closed at 1.3343.
The Canadian Dollar gained ground, after the Bank of Canada (BoC) Governor, Stephen Poloz, stated that the central bank is adopting a wait-and-watch approach to deal with the nation’s economy.
On the data front, Canada’s wholesale sales advanced by 0.8% on a monthly basis in August, compared to a revised advance of 0.1% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3336, with the USD trading marginally lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3274, and a fall through could take it to the next support level of 1.3211. The pair is expected to find its first resistance at 1.3398, and a rise through could take it to the next resistance level of 1.3459.
With no economic releases in Canada today, investors sentiment would be governed by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
