USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.72% against the CAD to close at 0.9903. The Canadian Dollar rose, after the Bank of Canada state that it was keeping its key interest rate unchanged at 1.0%, and stated that recent developments indicated that the outlook for the Canadian economy had “marginally improved” since the bank’s last policy meeting in January, while uncertainty over the global economic outlook had decreased.
On the economic front, Canadian new house prices rose 0.1% (MoM) in January. Additionally, on a seasonally adjusted basis, housing starts in Canada rose to an annual rate of 201,000 units in February, compared to a rate of 198,000 units recorded in January.
In the Asian session, at GMT0400, the pair is trading at 0.9895, with the USD trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 0.9869, and a fall through could take it to the next support level of 0.9844. The pair is expected to find its first resistance at 0.9944, and a rise through could take it to the next resistance level of 0.9993.
Trading trends in the pair today are expected to be determined by the release of unemployment rate and international merchandise trade in Canada.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
