USDCAD Movement
On Friday, the USD rose 0.17% against the CAD to close at 1.2171, on the back of stronger than expected durable goods orders data in the US.
In a speech, the BoC Governor, Stephen Poloz mentioned that the damage from sliding oil prices on the Canadian economy will disappear from the second quarter onwards.
In the Asian session, at GMT0300, the pair is trading at 1.2161, with the USD trading 0.08% lower from Friday’s close.
The pair is expected to find support at 1.2111, and a fall through could take it to the next support level of 1.2060. The pair is expected to find its first resistance at 1.2201, and a rise through could take it to the next resistance level of 1.2240.
With no macroeconomic releases in Canada today, investors look forward to the release of the nation’s GDP data, scheduled later in the week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
