For the 24 hours to 23:00 GMT, the USD declined 1.03% against the CAD and closed at 1.3038.
The Canadian Dollar surged against the USD, after the Bank of Canada (BoC) Governor, Stephen Poloz, boosted speculation that an interest rate hike could come as early as next month. The BoC Governor stated that high unemployment and under-utilisation of resources in the Canadian economy is used up and that the central bank will take this into account when it issues a rate decision next month.
In the Asian session, at GMT0300, the pair is trading at 1.3035, with the USD trading marginally lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2979, and a fall through could take it to the next support level of 1.2924. The pair is expected to find its first resistance at 1.3124, and a rise through could take it to the next resistance level of 1.3214.
The currency pair is trading below its 20 Hr and 50 Hr moving averages..
