USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.55% against the CAD and closed at 1.3163.
The Bank of Canada (BoC), in its latest monetary policy meeting, held its key interest rate steady at 1.75%, as widely expected and trimmed its domestic and global growth outlook for 2020, citing the downside risk of trade conflicts.
In the Asian session, at GMT0400, the pair is trading at 1.3154, with the USD trading 0.07% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3083, and a fall through could take it to the next support level of 1.3013. The pair is expected to find its first resistance at 1.3216, and a rise through could take it to the next resistance level of 1.3279.
Moving forward, traders would closely monitor Canada’s gross domestic product for August, slated to release later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
