USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.21% against the CAD and closed at 1.2915.
In economic news, Canada’s RBC manufacturing PMI advanced to a level of 55.7 in March, compared to a reading of 55.6 in the prior month.
On Thursday, data showed that Canada’s gross domestic product (GDP) unexpectedly contracted 0.1% on a monthly basis in January, amid a sharp drop in oil production, thus suggesting that economic growth will likely face a broad slowdown in the first quarter of the new year. The nation’s GDP had registered a revised advance of 0.2% in the prior month, while investors had envisaged for a rise of 0.1%.
In the Asian session, at GMT0300, the pair is trading at 1.2891, with the USD trading 0.19% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2855, and a fall through could take it to the next support level of 1.2818. The pair is expected to find its first resistance at 1.2936, and a rise through could take it to the next resistance level of 1.2980.
With no macroeconomic releases in Canada today, trading trend in CAD is expected to be determined by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
