USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.29% against the CAD to close at 1.1166.
Yesterday, the Bank of Canada (BoC) Deputy Governor, Tim Lane indicated that policymakers are tightening its rules to enable better formal administrative arrangements for the CDOR in order to avoid benchmark manipulation scams. He further clarified that Canada’s financial benchmarks have not been manipulated in any way as the London Interbank Offered Rate (Libor) has.
In the Asian session, at GMT0400, the pair is trading at 1.1160, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.1139, and a fall through could take it to the next support level of 1.1119. The pair is expected to find its first resistance at 1.1196, and a rise through could take it to the next resistance level of 1.1233.
With no major economic releases from Canada, later today, market participants would eye global economic news for further cues in the currency pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
