USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.64% against the CAD and closed at 1.3443.
The Canadian Dollar declined against the US Dollar, following the Bank of Canada’s (BoC) dovish stance on future rate hikes.
Data showed that Canada’s seasonally adjusted Ivey PMI eased to a 5-month low level of 50.6 in February, compared to a reading of 54.7 in the previous month. Additionally, the nation’s trade deficit widened to C$4.6 billion in December, compared to a deficit of C$1.98 billion in the previous month.
The BoC, in its March policy meeting, decided to leave its benchmark interest rates unchanged at 1.75%, as widely expected. The central bank expressed uncertainty about the timing of future rate hikes.
In the Asian session, at GMT0400, the pair is trading at 1.3443, with the USD trading flat against the CAD from yesterday’s close.
The pair is expected to find support at 1.3380, and a fall through could take it to the next support level of 1.3318. The pair is expected to find its first resistance at 1.3481, and a rise through could take it to the next resistance level of 1.3520.
Trading trend in the Loonie today, is expected to be determined by Canada’s building permits for January, set to release later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
