USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 0.9927.
Yesterday, the Bank of Canada (BoC) kept its interest rate at 1.0% for the 17th consecutive time. However, it indicated that it would probably have to raise interest rates over time and highlighted that soaring household debt as a concern that would influence the timing of it next move. Meanwhile, retail sales in Canada rose 0.3% (MoM) in August, following a 0.7% gain in July.
In the Asian session, at GMT0300, the pair is trading at 0.9913, with the USD trading 0.14% lower from yesterday’s close.
The pair is expected to find support at 0.9884, and a fall through could take it to the next support level of 0.9855. The pair is expected to find its first resistance at 0.9959, and a rise through could take it to the next resistance level of 1.0005.
Investors await the release of Canada’s monetary policy report scheduled to be released later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
