USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.87% against the CAD to close at 1.0487, after minutes from Fed’s latest policy meeting singled that policy-makers might begin tapering its bond purchase program later this year. The Loonie also came under pressure after Canada’s major export, crude oil declined for a third day, yesterday.
In the Asian session, at GMT0300, the pair is trading at 1.0494, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0438, and a fall through could take it to the next support level of 1.0383. The pair is expected to find its first resistance at 1.0525, and a rise through could take it to the next resistance level of 1.0557.
Investors are expected to keep a close watch over the release of an official report on retail sales in Canada which is expected to decline in June, from a 1.9% gain recorded in the previous month.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
