USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.52% against the CAD to close at 1.1030.
The Canadian Dollar rose against its US counterpart after the Bank of Canada (BoC) decided to keep its interest rate unchanged at 1.0% for the 28th straight policy meeting and indicated that “fundamental drivers of growth and inflation in the nation continue to strengthen gradually”. Furthermore, the BoC Governor, Stephen Poloz projected the Canadian economy to register a 2.5% growth this year and reiterated that a stronger loonie “continues to pose competitive challenges for the nation’s non-commodity exports.”
In the Asian session, at GMT0400, the pair is trading at 1.1047, with the USD trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 1.1014, and a fall through could take it to the next support level of 1.0980. The pair is expected to find its first resistance at 1.1091, and a rise through could take it to the next resistance level of 1.1134.
Market participants await the Canada’s Ivey purchasing managers index and building permits data, slated for release later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
