USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.38% against the CAD to close at 1.0017.
In testimony before the House of Commons Finance Committee, the Bank of Canada Governor, Mark Carney yesterday reiterated his stance that rate hikes are “less imminent”, as a result of a more subdued inflation outlook and imbalances in the household sector. He also indicated that the disappointing pace of investment by business is a risk to the Canadian economy.
In the Asian session, at GMT0400, the pair is trading at 1.0019, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.9992, and a fall through could take it to the next support level of 0.9964. The pair is expected to find its first resistance at 1.0068, and a rise through could take it to the next resistance level of 1.0116.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
