USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.83% against the CAD to close at 1.3271.
Yesterday, the Deputy Governor of BoC, Timothy Lane, announced that the central bank might opt for certain alternative inflation measures when it renews an inflation-targeting agreement with the government next year.
In the Asian session, at GMT0400, the pair is trading at 1.3271, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 1.3193, and a fall through could take it to the next support level of 1.3114. The pair is expected to find its first resistance at 1.3315, and a rise through could take it to the next resistance level of 1.3359.
Going ahead, investors await Canada’s GDP data for August, scheduled to be released later this week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
