USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.11% against the CAD to close at 1.2235.
Yesterday, the BoC Governor, Stephen Poloz stated that the central bank’s January’s interest rate cut was enough to get the Canadian economy back on track, as it recovers from the slump in oil prices.
In the Asian session, at GMT0300, the pair is trading at 1.2258, with the USD trading 0.19% higher from yesterday’s close.
The pair is expected to find support at 1.2202, and a fall through could take it to the next support level of 1.2145. The pair is expected to find its first resistance at 1.2292, and a rise through could take it to the next resistance level of 1.2326.
With no major macroeconomic data in Canada today, investors would keep a close eye on the nation’s wholesale sales data, scheduled later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
