USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.94% against the CAD to close at 1.2588.
Yesterday, the BoC’s Senior Deputy Governor, Carolyn Wilkins stated that the Canadian economy still has room to grow, despite declining oil prices being a setback to the nation’s economy. She further added that at present, Canada’s economy was performing below its potential due to slack present in the labour market.
In the Asian session, at GMT0400, the pair is trading at 1.2586, with the USD trading a tad lower from yesterday’s close.
The pair is expected to find support at 1.2479, and a fall through could take it to the next support level of 1.2373. The pair is expected to find its first resistance at 1.2659, and a rise through could take it to the next resistance level of 1.2732.
Looking ahead, traders await the release of Canada’s new housing price index, scheduled for tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
