USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.28% against the CAD and closed at 1.2520.
Yesterday, the Bank of Canada (BoC), in its autumn business outlook survey, revealed continued positive business sentiment across the country, while noting that business activity is becoming more entrenched. Further, the survey highlighted rising expectations for sustained sales growth across regions. However, it also showed several survey indicators moderated from strong summer results.
In the Asian session, at GMT0300, the pair is trading at 1.2525, with the USD trading slightly higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2477, and a fall through could take it to the next support level of 1.243. The pair is expected to find its first resistance at 1.2565, and a rise through could take it to the next resistance level of 1.2606.
With no economic releases in Canada today, traders would focus on global macroeconomic events for further direction.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
