USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.08% against the CAD and closed at 1.3184.
Yesterday, in a speech at a news conference in Quebec City, the Bank of Canada Governor, Stephen Poloz, stated that interest rates will remain low for longer period as the Canadian economy faces strong headwinds. Further, he noted that weaker than expected business investment in the US is weighing on the nation’s export recovery and that Canada’s economic growth has not been in line with the central bank’s expectations.
In the Asian session, at GMT0300, the pair is trading at 1.3170, with the USD trading 0.11% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3143, and a fall through could take it to the next support level of 1.3117. The pair is expected to find its first resistance at 1.3219, and a rise through could take it to the next resistance level of 1.3269.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
