USD/CAD: Canada’s economy accelerates at its quickest pace in 6 months in November


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.15% against the CAD and closed at 1.2308.

The Canadian Dollar jumped against the USD, following strong Canadian GDP figures.

Data showed that Canada’s gross domestic product (GDP) climbed 0.4% on a monthly basis in November, meeting market expectations and rising by the most since May 2017. The GDP had registered a flat reading in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.2308, with the USD trading flat against the CAD from yesterday’s close.

The pair is expected to find support at 1.2262, and a fall through could take it to the next support level of 1.2215. The pair is expected to find its first resistance at 1.2344, and a rise through could take it to the next resistance level of 1.2379.

Ahead in the day, all eyes will be on Canada’s RBC manufacturing PMI for January.

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

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