USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.3% against the CAD and closed at 1.2510.
Yesterday, the IMF raised its growth outlook for Canadian economy, now expecting it to grow by 2.5% in 2017, up from its April projection of 1.9%.
On the macro front, Canada’s wholesale sales climbed 0.9% MoM in May, higher than market expectations for an advance of 0.5%. Wholesale sales had recorded a revised rise of 0.8% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2505, with the USD trading a tad lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2475, and a fall through could take it to the next support level of 1.2446. The pair is expected to find its first resistance at 1.2543, and a rise through could take it to the next resistance level of 1.2582.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
