USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.59% against the CAD to close at 1.2496, after the US consumer confidence dropped more than expected in February.
Yesterday, the BoC Governor, Stephen Poloz reiterated that plunging oil prices continued to be a setback for the Canadian economy, but backed the central bank’s last month’s decision to cut interest rate, as it gave the BoC some time to evaluate its impact.
In the Asian session, at GMT0400, the pair is trading at 1.2458, with the USD trading 0.3% lower from yesterday’s close.
The pair is expected to find support at 1.2386, and a fall through could take it to the next support level of 1.2313. The pair is expected to find its first resistance at 1.2598, and a rise through could take it to the next resistance level of 1.2737.
Amid no economic releases in Canada today, investors await the release of Canada’s inflation data, scheduled tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
