USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.96% against the CAD and closed at 1.2477.
The Canadian Dollar lost ground against the USD after the Bank of Canada (BoC) Governor, Stephen Poloz, diminished hopes of further interest rate hikes this year.
The BoC Governor indicated that the central bank will be cautious in its approach to monetary policy and stressed that there is no predetermined path for interest rate hikes while adding that any move will be data-dependent.
In the Asian session, at GMT0300, the pair is trading at 1.2493, with the USD trading 0.13% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2388, and a fall through could take it to the next support level of 1.2284. The pair is expected to find its first resistance at 1.2545, and a rise through could take it to the next resistance level of 1.2598.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
