USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.53% against the CAD to close at 1.2424.
Yesterday, the BoC kept its interest rate steady at 0.75%. Additionally, the central bank in its monetary policy statement accompanying the decision indicated that there was no need to slash interest rate in Canada, after cutting the rate in January for the first time in five years, as the nation’s economy was performing in line with market expectations.
In the Asian session, at GMT0400, the pair is trading at 1.2436, with the USD trading 0.1% higher from yesterday’s close.
The pair is expected to find support at 1.2381, and a fall through could take it to the next support level of 1.2325. The pair is expected to find its first resistance at 1.2518, and a rise through could take it to the next resistance level of 1.2600.
Meanwhile, market participants would keep a close eye on Canada’s Ivey PMI data, scheduled later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
