USDCAD Movement
For the 24 hours to 23:00 GMT, the USD marginally declined against the CAD to close at 1.0977.
The Canadian Dollar rose after the Bank of Canada, in its business outlook survey for the first quarter, offered an optimistic view on the future of Canada’s corporate sector. The central bank’s quarterly survey showed that hiring intentions among companies last month were the most positive in almost two years amid higher sales and better prospects. Furthermore, the survey also projected sales to grow during the next 12 months, helped by a strengthening US economy and a weaker Canadian dollar.
In the Asian session, at GMT0300, the pair is trading at 1.0972, with the USD trading slightly lower from yesterday’s close.
The pair is expected to find support at 1.0952, and a fall through could take it to the next support level of 1.0931. The pair is expected to find its first resistance at 1.1002, and a rise through could take it to the next resistance level of 1.1031.
Market participants are expected to keep a tab on Canada’s housing starts and building permits data, due for release later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
