USDCAD Movement
For the 24 hours to 23:00 GMT, the USD marginally declined against the CAD and closed at 1.2503.
Yesterday, a leading bank of Canada slashed its growth estimates for the first quarter to an annual pace of 0.5% compared with its January forecast of 1.0% growth for the first quarter, on the back of continuous decline in oil prices.
In the Asian session, at GMT0300, the pair is trading at 1.2495, with the USD trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.2432, and a fall through could take it to the next support level of 1.237. The pair is expected to find its first resistance at 1.2553, and a rise through could take it to the next resistance level of 1.2611.
Amid a light economic calendar this week, investors would await the speech of Bank of Canada Governor, Stephen Poloz who would speak about the present condition of the Canadian economy.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
