USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.31% against the CAD to close at 1.1373.
Yesterday, the BoC held its key interest rates unchanged at 1.0%, in line with market expectations. Additionally, the BoC Governor, Stephen Poloz, in the post interest rate decision statement, remained less dovish and mentioned that the nation was showing much better economic performance and indicated that better exports are contributing to business investment and employment in the nation. However, he also cautioned that declining oil prices posed a threat to the nation’s inflation growth.
In the Asian session, at GMT0400, the pair is trading at 1.1373, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 1.1338, and a fall through could take it to the next support level of 1.1303. The pair is expected to find its first resistance at 1.1414, and a rise through could take it to the next resistance level of 1.1455.
Meanwhile, market participants look forward to Canada’s Ivey’s PMI data, scheduled later today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
