USDCAD Movement
On Friday, the USD rose 0.27% against the CAD to close at 1.0962, buoyed by the latest batch of upbeat economic releases from the US economy.
Following the G-20 meeting, the Bank of Canada (BoC) Governor, Stephen Poloz highlighted concerns on the low level of inflation in the Canadian economy, which has been below the central bank’s 2% target for nearly two years, but at the same time he also indicated that brighter economic outlook continues to encourage policymakers that the economy is on its way back home.
In the Asian session, at GMT0300, the pair is trading at 1.0987, with the USD trading 0.23% higher from Friday’s close.
The pair is expected to find support at 1.0937, and a fall through could take it to the next support level of 1.0888. The pair is expected to find its first resistance at 1.1015, and a rise through could take it to the next resistance level of 1.1044.
With no major economic releases from Canada, during the later course of the day, market participants eye the release of the US retail sales data for further cues in the pair.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
