USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.24% against the CAD to close at 1.2454, extending its previous session gains.
Yesterday, the BoC left its benchmark interest rate untouched at 0.75%, in line with market expectations. Additionally, the central bank signalled that it is comfortable with the current level of inflation in the nation and also added that Canada’s economy will rebound sometime this quarter, which would eased the need for further stimulus moves like rate cuts.
In the Asian session, at GMT0300, the pair is trading at 1.2464, with the USD trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 1.2406, and a fall through could take it to the next support level of 1.2348. The pair is expected to find its first resistance at 1.2507, and a rise through could take it to the next resistance level of 1.2551.
With hardly any significant domestic data in Canada today, investors look forward to the release of the nation’s GDP data, scheduled tomorrow to get better insights in the Canadian economy.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
