USDCAD Movement
For the 24 hours to 23:00 GMT, the USD traded higher by 0.24% against the CAD to close at 1.0405. The Loonie recorded losses, after the Bank of Canada’s (BoC) new Governor, Stephen Poloz, ruled out the possibility for interest rate hike and stated that Canada’s economy is “expected to be choppy in the near term” and inflation remains subdued.
The BoC also kept its policy rate at 1.00%, stating that the monetary policy stimulus currently in place is appropriate.
In the Asian session, at GMT0300, the pair is trading at 1.0430, with the USD trading 0.24% higher from yesterday’s close.
The pair is expected to find support at 1.0376, and a fall through could take it to the next support level of 1.0322. The pair is expected to find its first resistance at 1.0462, and a rise through could take it to the next resistance level of 1.0494.
The pair is expected to trade on the cues from the release of wholesale sales data from Canada ahead in the day.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
