USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.45% against the CAD to close at 1.3304.
Yesterday, the BoC’s Deputy Governor, Lynn Patterson, stated that growth in the Canadian economy is picking up above potential, boosted by non-energy exports and investment. He also reiterated the central bank’s view that although the global economy has been weaker in 2015, it is expected to rebound in 2016 and 2017.
In the Asian session, at GMT0400, the pair is trading at 1.3287, with the USD trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1.3252, and a fall through could take it to the next support level of 1.3216. The pair is expected to find its first resistance at 1.3350, and a rise through could take it to the next resistance level of 1.3414.
Amid no economic releases in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
