USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.49% against the CAD to close at 1.3273.
Yesterday, the BoC, opted to maintain key interest rates unchanged at 0.5%, after cutting it twice this year in the month of January and July. The central bank, in its monetary statement, revealed that a weaker Canadian Dollar and improving in household spending are leading a recovery, despite ongoing concerns about the impact of lower oil prices and slowing growth in China.
In other economic news, building permits in Canada retreated 0.6% MoM in July, from an increase of 15.5% in June, while the seasonally adjusted housing starts in Canada unexpectedly rose to a level of 216.90 K in August, compared to a revised reading of 193.30 K in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3257, with the USD trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 1.3177, and a fall through could take it to the next support level of 1.3097. The pair is expected to find its first resistance at 1.3314, and a rise through could take it to the next resistance level of 1.3370.
Amid a light economic calendar in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
