USDCAD Movement
For the 24 hours to 23:00 GMT, the USD ended mostly flat against the CAD to close at 1.0457.
Yesterday, the Bank of Canada (BoC) Governor, Stephen Poloz, expressed his disagreement on Organization for Economic Co-operation and Development (OECD)’s view that the central bank should start raising its interest rates by the end of next year, adding that the amount of monetary stimulus now in place in the economy remains appropriate.
In economic news, the Statistics Canada reported that wholesales sales in the nation rose less-than-expected 0.2% (MoM) in September, compared to a 0.4% (MoM) rise witnessed in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.0469, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.0444, and a fall through could take it to the next support level of 1.0418. The pair is expected to find its first resistance at 1.0485, and a rise through could take it to the next resistance level of 1.0500.
Amid lack of economic news from Canada today, traders are expected to focus on a slew of economic releases from Europe and the US that will be key for determining the near term trend in the Canadian Dollar.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
