USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 1.48% against the CAD to close at 1.2303, following worse than expected industrial production data in the US.
Yesterday, the BoC maintained its interest rate steady at 0.75%, in line with market expectations. Meanwhile, the BoC Governor, Stephen Poloz, indicated that the nation’s oil-dependent economy stalled in the first three months of 2015, as plunging oil prices was hurting the country more than expected. However, he insisted that the Canadian economy would rebound in the second half of the year.
In other economic news, existing home sales in Canada registered a rise of 4.10% MoM in March. In the previous month, existing home sales had climbed 1.00%.
In the Asian session, at GMT0300, the pair is trading at 1.2285, with the USD trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 1.2165, and a fall through could take it to the next support level of 1.2046. The pair is expected to find its first resistance at 1.2488, and a rise through could take it to the next resistance level of 1.2692.
Looking ahead, investors await Canada’s CPI coupled with retail sales data, scheduled tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
