USDCAD Movement
For the 24 hours to 23:00 GMT, the USD slightly rose against the CAD and closed at 1.2479 on Friday.
In the Asian session, at GMT0300, the pair is trading at 1.2484, with the USD trading marginally higher against the CAD from Friday’s close.
The pair is expected to find support at 1.2451, and a fall through could take it to the next support level of 1.2419. The pair is expected to find its first resistance at 1.2518, and a rise through could take it to the next resistance level of 1.2553.
Moving ahead, the Bank of Canada’s (BoC) business outlook survey report for the third quarter, scheduled to release later in the day, will be on investors’ radar.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
