USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.72% against the CAD to close at 1.0223, as Fed’s decision to refrain from tapering its asset-purchase programme, fuelled negative sentiment for the US Dollar.
Meanwhile, the Bank of Canada (BoC) Governor, Stephen Poloz, in his speech, defended his view that he does not see a bubble in the nation’s housing market and sated that developments in the housing market are consistent with a “soft landing”.
In the Asian session, at GMT0300, the pair is trading at 1.0222, with the USD trading tad lower from yesterday’s close.
The pair is expected to find support at 1.0175, and a fall through could take it to the next support level of 1.0129. The pair is expected to find its first resistance at 1.0294, and a rise through could take it to the next resistance level of 1.0367.
Investors are eyeing Canada’s wholesale sales data, due to release during the later course of the day. The market expects the nation’s wholesales sales to rise 1.0% (MoM) in July, following a 2.8% drop seen in the previous month.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
