USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.08% against the CAD to close at 1.2731.
In economic news, Canada’s house price index climbed 1.4% MoM in June. It followed an advance of 0.9% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2735, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.2698, and a fall through could take it to the next support level of 1.2661. The pair is expected to find its first resistance at 1.2791, and a rise through could take it to the next resistance level of 1.2846.
Going forward, the BoC’s interest rate decision, scheduled later today would generate significant market attention. It is widely expected that the BoC would keep its interest rates intact at 0.75%.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
