USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 1.02% against the CAD to close at 1.1973.
Yesterday, the BoC in its latest business outlook survey, indicated that while plunging oil prices have dampened the confidence of firms related to Canadian energy sector, overall business sentiment in the nation remained positive and businesses expect sales to grow at a slightly faster pace in next 12 months.
In the Asian session, at GMT0400, the pair is trading at 1.1960, with the USD trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 1.1869, and a fall through could take it to the next support level of 1.1779. The pair is expected to find its first resistance at 1.2015, and a rise through could take it to the next resistance level of 1.2070.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
