USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.69% against the CAD to close at 1.0949.
Yesterday, the BoC Governor, Stephen Poloz, in his testimony before the Commons Finance Committee, expressed concerns on the recent slowdown in the nation’s export sector and opined that the economy could face persistently weak exports for years, due to several factors, including poor productivity and a stronger Loonie.
In the Asian session, at GMT0300, the pair is trading at 1.0954, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0921, and a fall through could take it to the next support level of 1.0888. The pair is expected to find its first resistance at 1.1007, and a rise through could take it to the next resistance level of 1.1060.
Later today, the Statistics Canada is scheduled to release Canada’s GDP data for February, along with a report on Canada’s raw material price index and industrial product price for March.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
