USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.22% against the CAD to close at 1.0882. The Canadian Dollar gained ground against the US Dollar after the Bank of Canada (BoC), in its fourth-quarter business outlook survey, highlighted “some positive signs” for the future of exports and investment in the nation, while noting that the domestic situation still remained “subdued.”
In the Asian session, at GMT0400, the pair is trading at 1.0883, with the USD trading tad higher from yesterday’s close.
The pair is expected to find support at 1.0839, and a fall through could take it to the next support level of 1.0795. The pair is expected to find its first resistance at 1.0929, and a rise through could take it to the next resistance level of 1.0975.
Amid lack of Canadian economic releases today, trading trends in the pair are expected to be determined by US factors.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
