USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.53% against the CAD and closed at 1.3184.
Yesterday, the IMF lowered Canada’s growth forecast for this year and next to 1.2% and 1.9% respectively, from 1.4% and 2.1% predicted earlier.
In the Asian session, at GMT0300, the pair is trading at 1.3172, with the USD trading 0.09% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3122, and a fall through could take it to the next support level of 1.3073. The pair is expected to find its first resistance at 1.3218, and a rise through could take it to the next resistance level of 1.3265.
Investors would look forward to Canada’s international merchandise trade balance for August, slated to release later in the day.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
