USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.37% against the CAD to close at 1.0888.
In economic news, the BoC left its benchmark rates unchanged in August, at 1%, in line with market expectations. Additionally, the central bank, in its interest rate statement, cited better economic growth of the nation and highlighted that inflation has been progressing and meeting bank’s forecast.
In the Asian session, at GMT0300, the pair is trading at 1.0894, with the USD trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 1.0860, and a fall through could take it to the next support level of 1.0826. The pair is expected to find its first resistance at 1.0936, and a rise through could take it to the next resistance level of 1.0978.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
