USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.06% against the CAD to close at 1.1250.
Yesterday, the IMF cautioned that Canada’s over-valued housing market and increasing household debt poses a great risk to the nation’s economic growth. The agency also forecasted that the Canadian economy would grow between 2 to 2.5% in 2015.
In the Asian session, at GMT0400, the pair is trading at 1.1261, with the USD trading 0.1% higher from yesterday’s close.
The pair is expected to find support at 1.1225, and a fall through could take it to the next support level of 1.1189. The pair is expected to find its first resistance at 1.1298, and a rise through could take it to the next resistance level of 1.1335.
Amid a light economic calendar from Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
