Loonie Trading Higher, Ahead Of The BOC’s Interest Rate Decision
GCI Financial | Oct 22, 2014 01:31AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.53% against the CAD to close at 1.1229.
In the Asian session, at GMT0300, the pair is trading at 1.122, with the USD trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 1.1184, and a fall through could take it to the next support level of 1.1147. The pair is expected to find its first resistance at 1.1275, and a rise through could take it to the next resistance level of 1.1329.
Going forward, the BoC’s crucial interest rate decision as well as Canada’s retail sales data would keep the investors on their toes, scheduled later in the day.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
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