USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.80% against the CAD to close at 1.2690.
Yesterday, the Bank of Canada (BoC) Governor, Stephen Poloz, in his speech remained cautious on Canada’s economic outlook as the ongoing global economic downturn, weak business investment and a strong domestic currency could derail the nation economy’s recovery. He also noted that the nation’s inflation is likely to return to the 2.0% target “sometime in the second half of the year”.
In the Asian session, at GMT0300, the pair is trading at 1.2698, with the USD trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 1.2623, and a fall through could take it to the next support level of 1.2549. The pair is expected to find its first resistance at 1.2777, and a rise through could take it to the next resistance level of 1.2857.
Moving ahead, market participants will look forward to Canada’s wholesale sales data for February, scheduled to release later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
