USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 1.0268.
In the Asian session, at GMT0400, the pair is trading at 1.0267, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0249, and a fall through could take it to the next support level of 1.0231. The pair is expected to find its first resistance at 1.0290, and a rise through could take it to the next resistance level of 1.0313.
Later in the day, movement of the pair is expected to be influenced by the Bank of Canada’s (BoC) interest rate decision, wherein investor forecast the rate to remain unchanged. Meanwhile, the Ivey PMI data is also due for release today.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
