USD/CAD: Loonie trading higher ahead of BoC’s interest rate decision

USD/CAD: Loonie trading higher ahead of BoC’s interest rate decision

USDCAD

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 2.64% against the CAD and closed at 1.3386.

In the Asian session, at GMT0400, the pair is trading at 1.3355, with the USD trading 0.23% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3320, and a fall through could take it to the next support level of 1.3284. The pair is expected to find its first resistance at 1.3391, and a rise through could take it to the next resistance level of 1.3426.

Looking ahead, market participants would keep a close watch on the Bank of Canada’s (BoC) interest rate decision, due later today.

The currency pair is trading below its 20 Hr moving average and showing convergence with its and 50 Hr moving average.

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