USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.25% against the CAD to close at 1.0101.
Yesterday, the Bank of Canada (BoC) in its Monthly Policy Report (MPR) revised its Canadian economic growth forecast to 2.1% this year and 2.3% in 2013, down slightly from 2.4% and 2.4% respectively in the April MPR. The central bank stated that global growth prospects have declined, and estimated that core inflation would remain unchanged at roughly 2% and that the consumer price index would stay below its 2% target in the coming year.
In the Asian session, at GMT0300, the pair is trading at 1.0092, with the USD trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 1.0072, and a fall through could take it to the next support level of 1.0053. The pair is expected to find its first resistance at 1.0130, and a rise through could take it to the next resistance level of 1.0169.
Trading trends in the pair today are expected to be determined by the release of Canadian wholesale sales data
The currency pair is below its 20 Hr and 50 Hr moving averages.
