USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.93% against the CAD to close at 1.2424.
In the Asian session, at GMT0300, the pair is trading at 1.2433, with the USD trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 1.2340, and a fall through could take it to the next support level of 1.2248. The pair is expected to find its first resistance at 1.2487, and a rise through could take it to the next resistance level of 1.2541.
Going forward, traders will pay close attention to the BoC’s interest rate decision, scheduled later today. It is expected that the central bank will keep interest rates unchanged and likely through the next several months.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
