USDCAD Movement
For the 24 hours to 23:00 GMT, the USD slightly declined against the CAD and closed at 1.3174.
The Bank of Canada (BoC), in its September monetary policy meeting, opted to leave its key interest rate unchanged at 1.50%, at par with market expectations, amid looming risks over NAFTA and inflation outlook. However, the bank signalled a possible rate hike at its next meeting on 24 October.
In the Asian session, at GMT0300, the pair is trading at 1.3171, with the USD trading slightly lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3152, and a fall through could take it to the next support level of 1.3133. The pair is expected to find its first resistance at 1.3198, and a rise through could take it to the next resistance level of 1.3225.
Moving ahead, investors would keep an eye on Canada’s building permits for July, slated to release later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
