For the 24 hours to 23:00 GMT, the USD declined 0.39% against the CAD and closed at 1.3076.
The Canadian dollar climbed yesterday, after the Bank of Canada (BoC) in its policy meeting indicated that it had no intention of easing monetary policy.
The Bank of Canada (BoC), in its policy meeting, kept its interest rate unchanged at 1.75%, as widely expected. The central bank stated that Canada’s economy appears to have performed better than expected in the May to June period. Further, inflation remains around the bank’s 2.0% target, while a strong labour market is sustaining consumer spending.
In the Asian session, at GMT0300, the pair is trading at 1.3055, with the USD trading 0.16% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3025, and a fall through could take it to the next support level of 1.2994. The pair is expected to find its first resistance at 1.3115, and a rise through could take it to the next resistance level of 1.3174.
Going forward, investors would keep an eye on Canada’s new housing price index for May, slated to release later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.