USDCAD Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.37% against the CAD to close at 1.0300, as investors await monetary policy statement and interest rate decision by the Federal Reserve. The CAD also came under pressure amid a drop in oil prices.
Meanwhile, economic data from Canada showed that raw material price index rose 0.3% (MoM) in June, compared to a 0.5% gain expected by markets. Additionally, industrial product price index rose 0.3% (MoM) in June, compared to a 0.2% rise forecasted by markets.
In the Asian session, at GMT0300, the pair is trading at 1.0301, with the USD trading flat from yesterday’s close. Apart from economic data from the US and FOMC meeting outcome, Canadian gross domestic product (GDP) data for May would also remain on traders radar. Market expects GDP growth to accelerate further.
The pair is expected to find support at 1.0268, and a fall through could take it to the next support level of 1.0235. The pair is expected to find its first resistance at 1.0323, and a rise through could take it to the next resistance level of 1.0345.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
