USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.44% against the CAD to close at 1.2392.
Yesterday, the Canadian Prime Minister, Stephen Harper stated that the BoC’s recent decision to cut its key interest rate was appropriate for the nation’s economy as it would spur Canada’s business activity and also decrease the negative impact of the sliding oil prices.
In the Asian session, at GMT0400, the pair is trading at 1.2377, with the USD trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 1.2318, and a fall through could take it to the next support level of 1.2259. The pair is expected to find its first resistance at 1.2428, and a rise through could take it to the next resistance level of 1.2480.
Going forward, investors await Canada’s CPI data, scheduled later today for further cues.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
