USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.12% against the CAD to close at 1.0380.
The Canadian Dollar advanced after the Bank of Canada (BoC) kept its benchmark overnight rate target unchanged at 1.0%, and stated that it may raise borrowing costs if the domestic economic recovery continues as forecast.
In economic news, building permits in Canada fell 5.2% (MoM) in April, against the market expectation of 1.5% contraction in March, and compared to a rise of 4.9% in March.
In the Asian session, at GMT0300, the pair is trading at 1.0343, with the USD trading 0.35% lower from yesterday’s close.
The pair is expected to find support at 1.0315, and a fall through could take it to the next support level of 1.0287. The pair is expected to find its first resistance at 1.0398, and a rise through could take it to the next resistance level of 1.0454.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
