USDCAD Movement
On Friday, the USD rose 0.25% against the CAD to close at 1.0294, following fresh speculation that the Fed might begin tapering in October.
In Canada, an official report showed that the nation’s consumer price index stood at 1.1% (YoY) in August, at par with market expectation and following a 1.3% rise seen in the previous month. Market participants speculated that Canada’s tame inflation data for August, would keep the pressure off the central bank to hike rates any time soon.
In the Asian session, at GMT0300, the pair is trading at 1.0300, with the USD trading 0.06% higher from Friday’s close.
The pair is expected to find support at 1.0271, and a fall through could take it to the next support level of 1.0241. The pair is expected to find its first resistance at 1.0319, and a rise through could take it to the next resistance level of 1.0337.
With no major economic releases in Canada, traders are keeping a close watch on global economic news to determine further direction in the pair.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
