USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.22% against the CAD to close at 1.0731.
In an interview with Bloomberg Television, Canadian Finance Minister, Joe Oliver, projected inflation rate in Canada “to be in the 2.0% target that was set by the Bank of Canada”, following an unexpected rise in the month of May.
In the Asian session, at GMT0300, the pair is trading at 1.0722, with the USD trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 1.0707, and a fall through could take it to the next support level of 1.0692. The pair is expected to find its first resistance at 1.0746, and a rise through could take it to the next resistance level of 1.0770.
Amid a lack of major economic releases from Canada, later today, traders are expected to keep a tab on global economic news for further cues in the currency pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
