USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.52% against the CAD and closed at 1.4498,
The CAD gained ground, after the BoC kept benchmark interest rate steady at 0.5%, while remaining cautiously optimistic. . In its latest monetary policy report, the central bank projected that Canada’s economy will grow by about 1.5% in 2016 and 2.5% in 2017.
In the Asian session, at GMT0400, the pair is trading at 1.4483, with the USD trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 1.4391, and a fall through could take it to the next support level of 1.4300. The pair is expected to find its first resistance at 1.4633, and a rise through could take it to the next resistance level of 1.4784.
Amid no macroeconomic releases in Canada today, trading trends in the pair are expected to be determined by global macroeconomic factors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
