USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.79% against the CAD and closed at 1.3080.
Yesterday, the Organization for Economic Co-operation and Development (OECD) slashed Canada’s growth forecast and has again warned of the risk of a price correction in its inflated real estate market. It now expects the Canadian economy to grow by 1.2% this year, from a prediction of 1.7% forecasted in June. Further, growth next year is expected to be 2.1%, down from its earlier estimate of 2.2%.
In the Asian session, at GMT0300, the pair is trading at 1.3084, with the USD trading marginally higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3014, and a fall through could take it to the next support level of 1.2945. The pair is expected to find its first resistance at 1.3195, and a rise through could take it to the next resistance level of 1.3307.
With no economic releases in Canada today, trading trends in the CAD are expected to be determined by global macroeconomic events.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
