USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.19% against the CAD to close at 1.1951.
In the Asian session, at GMT0400, the pair is trading at 1.1976, with the USD trading 0.22% higher from yesterday’s close.
This morning, IMF slashed its projections for the growth of Canadian economy to 2.3% this year, as compared to its earlier projection of 2.4%.
The pair is expected to find support at 1.1943, and a fall through could take it to the next support level of 1.1910. The pair is expected to find its first resistance at 1.1998, and a rise through could take it to the next resistance level of 1.2020.
Going forward, the BoC’s interest rate decision, scheduled for tomorrow would grab a lot of market attention.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
