USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.29% against the CAD to close at 1.2493.
Yesterday, the BoC Deputy Governor, Agathe Cote stated that plunging oil prices could lead Canada’s inflation into “negative territory” for some time. However, he added that the nation should not worry about deflation.
In the Asian session, at GMT0400, the pair is trading at 1.2483, with the USD trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 1.2427, and a fall through could take it to the next support level of 1.2372. The pair is expected to find its first resistance at 1.2547, and a rise through could take it to the next resistance level of 1.2611.
Meanwhile, traders would keep a close eye on Canada’s retail sales data, scheduled later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
