USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.14% against the CAD to close at 1.0593.
In the Asian session, at GMT0400, the pair is trading at 1.0593, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 1.0577, and a fall through could take it to the next support level of 1.0560. The pair is expected to find its first resistance at 1.0616, and a rise through could take it to the next resistance level of 1.0638.
Later today, the Bank of Canada (BoC) Governor, Stephen Poloz, is scheduled to deliver a speech on the central bank’s monetary policy. Also later during the day, the Statistics Canada is expected to release data on the new housing price index.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
