USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.16% against the CAD and closed at 1.3514.
The Canadian dollar fell against the US dollar, following the Bank of Canada’s (BoC) rate decision. The BoC, in its May monetary policy meeting, kept its key interest rate unchanged at 1.75%, as widely expected and citing that economic slowdown was temporary. The central bank stated that inflation was expected to remain around the bank’s 2% target in coming months and projected that economic momentum would stimulate in second quarter 2019.
In the Asian session, at GMT0300, the pair is trading at 1.3516, with the USD trading marginally higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3483, and a fall through could take it to the next support level of 1.3450. The pair is expected to find its first resistance at 1.3548, and a rise through could take it to the next resistance level of 1.3580.
Looking ahead, traders would await Canada’s CFIB business barometer for May and current account balance for 1Q, set to release in later in the day.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
