USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.62% against the CAD to close at 1.0408, in the wake of strong US consumer and housing data.
In the Asian session, at GMT0300, the pair is trading at 1.0410, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0349, and a fall through could take it to the next support level of 1.0288. The pair is expected to find its first resistance at 1.0444, and a rise through could take it to the next resistance level of 1.0478.
Later today, the Bank of Canada’s (BoC) interest rate decision is awaited, wherein the central bank is expected to maintain its policy rate at 1.00%. Traders will also look at the bank’s statement for indications on how the economy is expected to perform.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
