USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.16% against the CAD to close at 1.0054.
The Loonie lost ground amid lower commodities and as the Bank of Canada Deputy Governor, Timothy Lane stated that a long period of rising consumer debt and low interest rates pose a major risk to the country’s economy. He indicated that the heated housing market and indebted consumers are the biggest domestic threat to the Canadian economy, and cautioned that if the problem persists the central bank could hike interest rates.
In the Asian session, at GMT0400, the pair is trading at 1.0062, with the USD trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 1.0038, and a fall through could take it to the next support level of 1.0014. The pair is expected to find its first resistance at 1.0086, and a rise through could take it to the next resistance level of 1.0110.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
