USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.97% against the CAD to close at 0.9501.
Canadian dollar gained, after the Bank of Canada (BoC) signaled an interest-rate hike within the next few months. BoC kept its main interest rate unchanged, while it signaled an interest rate hike in the next few months.
Additionally in the economic news, the leading index in Canada rose by 0.2% (M-o-M) in June, following a downwardly revised 0.8% increase recorded in May.
In the Asian session at 3:00GMT, the pair is trading at 0.9507, 0.06% higher from yesterday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9574, followed by 0.9641 and 0.9755. The first area of support is at 0.9460, with the subsequent supports at 0.9413 and 0.9299.
Bank of Canada monetary policy report is likely to receive increased market attention, along with other economic data in Canada due to be released later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
