USD/CAD: Canada’s economic growth accelerated in January


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.29% against the CAD and closed at 1.3296 on Friday.

The Canadian Dollar gained ground, after data showed that Canada’s gross domestic product (GDP) jumped 0.6% on a monthly basis in January, driven by robust activity in manufacturing sector. In the previous month, the GDP had climbed 0.3%.

In the Asian session, at GMT0300, the pair is trading at 1.3315, with the USD trading 0.14% higher against the CAD from Friday’s close.

The pair is expected to find support at 1.3275, and a fall through could take it to the next support level of 1.3235. The pair is expected to find its first resistance at 1.3361, and a rise through could take it to the next resistance level of 1.3407.

Ahead in the day, traders will keep a close watch on Canada’s RBC manufacturing PMI for March and the Bank of Canada’s business outlook survey report.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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