USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.26% against the CAD to close at 1.0025, as investor optimism on the economy continued to be impacted a day after the Bank of Canada reduced its growth forecast and laid less emphasis on raising interest rates.
In the Asian session, at GMT0400, the pair is trading at 1.0034, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0001, and a fall through could take it to the next support level of 0.9969. The pair is expected to find its first resistance at 1.0052, and a rise through could take it to the next resistance level of 1.0071.
Trading trends in the pair today are expected to be determined by the consumer price index data in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
