USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.07% against the CAD and closed at 1.3117.
The Bank of Canada (BoC), in its latest policy meeting, held the benchmark interest rate unchanged at 0.5% and reduced its growth outlook for the economy, amid dampened expectations for exports and slowdown in housing. The central bank now expects Canada’s real GDP to expand by 1.1% this year and 2.0% in 2017, down from its July projection of 1.3% and 2.2% respectively. Further, it also expects the global economy to regain momentum in the second half of the year and through the following two years.
In the Asian session, at GMT0300, the pair is trading at 1.3132, with the USD trading 0.11% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3041, and a fall through could take it to the next support level of 1.2949. The pair is expected to find its first resistance at 1.3185, and a rise through could take it to the next resistance level of 1.3237.
Amid a lack of economic releases in Canada today, investors would look forward to global events for direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
