USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.43% against the CAD and closed at 1.3406.
Meanwhile, the Organization for Economic Co-operation and Development (OECD) is sticking by its prediction that Canada’s economy growth will expand by 1.2% in 2016 followed by a 2.1% rise in 2017. Further, it stated that the economy has adjusted to the fall in commodity prices and activity is shifting from the energy to non-energy sectors.
In the Asian session, at GMT0400, the pair is trading at 1.3433, with the USD trading 0.2% higher against the CAD from yesterday’s close.
Overnight, the Bank of Canada’s Governor, Stephen Poloz, stated that while central bank’s monetary policy is helping the economic recovery, a robust services sector will continue to underpin Canada’s shaky economy.
The pair is expected to find support at 1.3384, and a fall through could take it to the next support level of 1.3336. The pair is expected to find its first resistance at 1.349, and a rise through could take it to the next resistance level of 1.3548.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
