USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.22% against the CAD to close at 1.0457.
Yesterday, the Bank of Canada (BoC) Deputy Governor, John Murray stated that the central bank is committed to stay focused on its inflation mandate, adding that the BoC would closely monitor the exchange rates, as the currency’s level is only one variable in making decisions in interest rates.
In the Asian session, at GMT0400, the pair is trading at 1.0468, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.0426, and a fall through could take it to the next support level of 1.0383. The pair is expected to find its first resistance at 1.0499, and a rise through could take it to the next resistance level of 1.0529.
Market participants are expected to keep a close watch on the BoC Governor, Stephen Poloz’s speech, expected to commence later today. Except for Canadian wholesale sales data for September, the Canadian economic calendar is empty today. That said, traders would closely focus on the outcome of the US retail sales and consumer prices data today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
