For the 24 hours to 23:00 GMT, the USD declined 0.77% against the CAD and closed at 1.3411.
At its recent monetary policy meeting, the Bank of Canada (BoC) held the benchmark interest rate unchanged at 0.50%. Although the central bank Governor, Stephen Poloz gave a nod to improving economic data, he once again highlighted Canada’s weak wage growth and the slowing pace of underlying inflation, indicating that the economy still has room for improvement. He further added that the current degree of monetary stimulus is appropriate at present.
In the Asian session, at GMT0300, the pair is trading at 1.3398, with the USD trading 0.10% lower against the Canadian Dollar from yesterday’s close.
The pair is expected to find support at 1.335, and a fall through could take it to the next support level of 1.3302. The pair is expected to find its first resistance at 1.3493, and a rise through could take it to the next resistance level of 1.3588.
With no major economic release in Canada today, traders will keep a tab on global macro data for further direction in the currency.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
