USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 1.0073.
Yesterday, the Bank of Canada Governor, Mark Carney, stated that for central banks to be effective they must be absolutely transparent about their objectives and how they try to achieve them.
In the Asian session, at GMT0300, the pair is trading at 1.0082, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0053, and a fall through could take it to the next support level of 1.0025. The pair is expected to find its first resistance at 1.0106, and a rise through could take it to the next resistance level of 1.0131.
Trading trends in the pair today are expected to be determined by the release of Canada’s international merchandise trade data.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
