USDCAD Movement
On Friday, the USD rose 0.96% against the CAD to close at 1.0284. The Canadian Dollar came under pressure after a report indicated that the nation’s inflation reached to the lowest level since 2009, igniting speculation over a possible rate cut by the Bank of Canada.
Data from Statistics Canada revealed that Canada’s consumer price inflation slowed to 0.4% annually in April, less than the expected 0.6% rise and compared to a 1.0% rise reported in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0282, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 1.0222, and a fall through could take it to the next support level of 1.0162. The pair is expected to find its first resistance at 1.0328, and a rise through could take it to the next resistance level of 1.0374.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
