USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.26% against the CAD to close at 1.0302, as Fed’s policymakers’ support for the central bank to continue with its stimulus measures for a longer time, spooked investors confidence in the greenback.
In Canada, a report showed that foreign investment in Canadian securities declined to a level of $2.08 billion in August, compared to a investment of $6.11 billion recorded in the earlier month. However, Canadian investment in foreign securities rose to a reading of $5.65 billion in August, following a level of $0.95 billion witnessed in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.0298, with the USD trading slightly lower from yesterday’s close.
The pair is expected to find support at 1.0275, and a fall through could take it to the next support level of 1.0252. The pair is expected to find its first resistance at 1.0325, and a rise through could take it to the next resistance level of 1.0352.
Investors awaiting the release of a report on Canada’s consumer price index, which the market expects to rise 0.1% (MoM) in September, following a level of 0.0% registered in the previous month.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
