USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.57% against the CAD to close at 1.0282, after Federal Reserve Chairman, Ben S. Bernanke indicated that risks to the US economy have reduced and policy makers could lower its bond purchases sometime next year.
Separately, the Bank of Canada Governor, Stephen Poloz stated that the nation would need a rebound in business investment to drive growth in coming years, a process that will require “stability and patience.”
In economic news, wholesale sales in Canada rose by 0.2% in April, compared to a revised gain of 0.1% reported in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0293, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.0213, and a fall through could take it to the next support level of 1.0132. The pair is expected to find its first resistance at 1.0334, and a rise through could take it to the next resistance level of 1.0374.
The currency pair is trading way above its 20 Hr and 50 Hr moving averages.
