Loonie Trading Tad Lower With Focus Of The BOC’s Interest Rate Decision
GCI Financial | Mar 05, 2014 05:09AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.06% against the CAD to close at 1.1088.
In the Asian session, at GMT0400, the pair is trading at 1.1092, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.1060, and a fall through could take it to the next support level of 1.1027. The pair is expected to find its first resistance at 1.1122, and a rise through could take it to the next resistance level of 1.1151.
Traders keenly await the Bank of Canada’s (BoC) decision on the nation’s benchmark interest rate, which is widely expected to remain unchanged at 1.0%.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
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