USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.52% against the CAD to close at 1.0470, after the President of the Federal Reserve Bank (Fed) of Richmond, Jeffrey Lacker indicated that the US economy could witness a few more years of sluggish growth and that the central bank is nowhere close to reducing its balance sheet size yet.
Additionally, the Loonie rose tracking the upward trend in crude oil, Canada’s biggest export.
Separately, the Bank of Canada Deputy Governor, Timothy Lane, stated that high household debt continues to be the nation’s biggest domestic risk, however imbalances in that sector have moderated over the past year.
In the Asian session, at GMT0300, the pair is trading at 1.0434, with the USD trading 0.34% lower from yesterday’s close.
The pair is expected to find support at 1.0398, and a fall through could take it to the next support level of 1.0362. The pair is expected to find its first resistance at 1.0495, and a rise through could take it to the next resistance level of 1.0556.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
