USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 1.69% against the CAD to close at 1.2997.
In the wake of Britain’s vote to leave the European Union., the Canadian Prime Minister, Justin Trudeau, sought to reassure Canadians by stating that that the nation’s economy is strong, diversified and resilient and is therefore in a good position to weather the storm. He further indicated that the Canadian government is monitoring the situation closely and will work with other G7 partners to maintain stability and create global economic growth.
In the Asian session, at GMT0300, the pair is trading at 1.3068, with the USD trading 0.55% higher against the CAD from Friday’s close.
The pair is expected to find support at 1.2922, and a fall through could take it to the next support level of 1.2775. The pair is expected to find its first resistance at 1.3156, and a rise through could take it to the next resistance level of 1.3243.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
