USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.32% against the CAD and closed at 1.3730.
Yesterday, the Organisation for Economic Co-operation and Development (OECD) cut Canada’s growth forecast to 1.4% in 2016 and 2.2% in the next year, from an earlier forecast of 2.0% and 2.3% respectively.
In the Asian session, at GMT0400, the pair is trading at 1.3767, with the USD trading 0.26% higher from yesterday’s close.
The pair is expected to find support at 1.3685, and a fall through could take it to the next support level of 1.3604. The pair is expected to find its first resistance at 1.3817, and a rise through could take it to the next resistance level of 1.3867.
Going ahead, market participants await the release of Canada’s consumer price inflation and retail sales data, slated to be released later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
