USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.92% against the CAD to close at 1.2411.
Yesterday, Canada’s Finance Minister, Joe Oliver mentioned that prospects of a recession in the Canadian economy was premature and added that he expected the nation’s economy to bounce back, after it contracted in Q1 2015.
In the Asian session, at GMT0300, the pair is trading at 1.2398, with the USD trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 1.2331, and a fall through could take it to the next support level of 1.2265. The pair is expected to find its first resistance at 1.2501, and a rise through could take it to the next resistance level of 1.2604.
With no major macroeconomic data in Canada today, investors await the release of the nation’s Ivey PMI data, scheduled tomorrow for further direction in the currency pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
