USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.94% against the CAD and closed at 1.3319.
The Canadian Dollar gained ground, after hawkish comments by a senior Bank of Canada (BoC) official sparked hopes that the BoC could move to raise its benchmark interest rates for the first time in nearly seven years.
The BoC’s Senior Deputy Governor, Carolyn Wilkins, stated that Canadian first-quarter growth was “pretty impressive” and would lead the central bank to consider whether current low rates would still be required.
In the Asian session, at GMT0300, the pair is trading at 1.329, with the USD trading 0.22% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3219, and a fall through could take it to the next support level of 1.3149. The pair is expected to find its first resistance at 1.3415, and a rise through could take it to the next resistance level of 1.3541.
In absence of any major economic releases in Canada today, trading trend in the CAD is expected to be determined by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
