USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined marginally against the CAD to close at 1.3351.
The BoC left its benchmark interest rates unchanged at 0.5%, as widely expected, as the country continues to grapple with the commodities price slump and weak global growth. In a statement accompanying the rate decision, the central bank indicated that it chose to stand pat right now as the economy appeared to have recovered from recession in the first half of 2015, but it also highlighted that economic challenges such as lower business investment in the nation’s resource sector and vulnerabilities in the housing sector continues to be a grave concern.
In the Asian session, at GMT0400, the pair is trading at 1.3348, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.3304, and a fall through could take it to the next support level of 1.3259. The pair is expected to find its first resistance at 1.3401, and a rise through could take it to the next resistance level of 1.3454.
Amid no economic releases in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
