USD/CAD: Canada’s GDP expanded as expected in December


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.49% against the CAD and closed at 1.3392.

On the data front, Canada’s gross domestic product (GDP) climbed 0.3% MoM in December, meeting market anticipations and after recording a revised rise of 0.5% in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.3384, with the USD trading marginally lower from yesterday’s close.

The pair is expected to find support at 1.3348, and a fall through could take it to the next support level of 1.3313. The pair is expected to find its first resistance at 1.3410, and a rise through could take it to the next resistance level of 1.3437.

Going ahead, next week market participants will closely watch Canada’s Ivey–PMI and the new house price index.

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

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