USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.35% against the CAD and closed at 1.3358.
In the Asian session, at GMT0400, the pair is trading at 1.3371, with the USD trading 0.10% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3330, and a fall through could take it to the next support level of 1.3289. The pair is expected to find its first resistance at 1.3393, and a rise through could take it to the next resistance level of 1.3415.
Moving ahead, investors would look forward to Canada’s Ivey purchasing managers’ index for February and international merchandise trade balance for December, slated to release later in the day. Additionally, investors would direct their attention to the Bank of Canada’s interest rate decision, scheduled to release later today, where the central bank is widely expected to keep interest rates unchanged.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
