USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.15% against the CAD to close at 1.1187.
Yesterday, the BoC Governor, Stephen Poloz warned that if oil prices continue to fall the central bank would be forced to downgrade its economic growth estimates by quarter percentage-point in 2015. Further, he added that the recent decline in Canadian Dollar is positive for the nation’s exporters as accelerating US growth lifts the economy.
In other economic news, Canada’s industrial product price index eased 0.4% on a monthly basis in September, higher than market expected drop of 0.2% and following a revised 0.3% rise registered in August. Additionally, Canadian raw material price index declined 1.8% on a monthly basis in September, after registering a drop of 2.2% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.12, with the USD trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 1.1138, and a fall through could take it to the next support level of 1.1076. The pair is expected to find its first resistance at 1.1244, and a rise through could take it to the next resistance level of 1.1288.
Meanwhile, investors look forward to Canada’s GDP data, scheduled tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
