USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.45% against the CAD and closed at 1.292.
In economic news, Canada’s seasonally adjusted Ivey purchasing managers’ index (PMI) climbed to a level of 59.6 in February, compared to a level of 55.2 in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.2927, with the USD trading 0.1% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2862, and a fall through could take it to the next support level of 1.2796. The pair is expected to find its first resistance at 1.2994, and a rise through could take it to the next resistance level of 1.3060.
Later in the day, investors would turn their attention to the Bank of Canada’s (BoC) monetary policy decision, wherein the central bank is widely expected to stand pat on interest rates.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
