USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.5% against the CAD and closed at 1.3496.
The Bank of Canada (BoC), in its April monetary meeting, decided to keep its key interest rate unchanged at 1.75%, as widely expected and trimmed its economic forecast to 1.2% from 1.7% in order to observe the impact of its progresses on the household spending, oil markets and global trade.
In the Asian session, at GMT0300, the pair is trading at 1.3486, with the USD trading 0.07% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3442, and a fall through could take it to the next support level of 1.3397. The pair is expected to find its first resistance at 1.3526, and a rise through could take it to the next resistance level of 1.3565.
Trading trend in the Loonie today is expected to be determined by Canada’s CFIB business barometer for April, scheduled to release later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
