USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.46% against the CAD to close at 1.0265.
The Loonie came under pressure after the Bank of Canada’s (BoC) monetary policy committee voted to maintain its overnight borrowing rate unchanged at 1.0% in April, in line with the market expectations and lowered its 2013 economic growth forecast to 1.5% from the previous estimate of 2.0%.
In economic news, Canada’s house price index climbed 0.39% (MoM) to a reading of 153.31 in March, following a 0.18% decline recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0254, with the USD trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 1.0214, and a fall through could take it to the next support level of 1.0175. The pair is expected to find its first resistance at 1.0294, and a rise through could take it to the next resistance level of 1.0335.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
