USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.63% against the CAD to close at 1.2231.
Yesterday, the BoC Governor, Stephen Poloz, reiterated that the Canadian economy was gradually recovering and is headed in the right direction. He further added that the nation’s economy should rebound by mid 2015, led by non-energy exports.
In the Asian session, at GMT0300, the pair is trading at 1.2223, with the USD trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.2150, and a fall through could take it to the next support level of 1.2076. The pair is expected to find its first resistance at 1.2275, and a rise through could take it to the next resistance level of 1.2326.
With no major economic releases in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average
