USD/CAD: Canada’s GDP beats expectations in April


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.81% against the CAD and closed at 1.3149 on Friday.

The Canadian dollar rose on Friday, after Canada’s gross domestic product (GDP) surprisingly rose in April. Data released indicated that GDP increased 0.1% on a monthly basis in April, supported by strengthening manufacturing and real estate sector. In the previous month, the GDP rose 0.3%, while markets had envisaged for a flat reading.

In the Asian session, at GMT0300, the pair is trading at 1.3165, with the USD trading 0.12% higher against the CAD from Friday’s close.

The pair is expected to find support at 1.3108, and a fall through could take it to the next support level of 1.3051. The pair is expected to find its first resistance at 1.3245, and a rise through could take it to the next resistance level of 1.3325.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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