USDCAD Movement
For the 24 hours to 23:00 GMT, the USD traded a tad higher against the CAD to close at 1.1303.
Yesterday, the BoC Deputy Governor, Agathe Cote mentioned that the central bank was considering whether it should increase its inflation target of 2%, as it prepares itself to a future of slower global growth and lower policy interest rates.
In the Asian session, at GMT0400, the pair is trading at 1.1331, with the USD trading 0.25% higher from yesterday’s close.
The pair is expected to find support at 1.1280, and a fall through could take it to the next support level of 1.1228. The pair is expected to find its first resistance at 1.1361, and a rise through could take it to the next resistance level of 1.1390.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
