USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.58% against the CAD to close at 1.0350. The Canadian Dollar recorded a rise, as the Bank of Canada (BoC), in its much expected move, kept its key interest rate unchanged at 1.0%. The outgoing BoC Governor, Mark Carney stated that the rate shall need to remain low for some time before a rate hike is considered.
In the Asian session, at GMT0300, the pair is trading at 1.0349, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0320, and a fall through could take it to the next support level of 1.0291. The pair is expected to find its first resistance at 1.0400, and a rise through could take it to the next resistance level of 1.0451.
Later today, Canada’s industrial product price data shall provide an insight to major commodities sold by Canadian manufactures in April. Also the scheduled Canadian current account data is expected to mark an improvement in the Q12013.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
