USD/CAD: Canada’s GDP expanded higher than forecast in July


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.90% against the CAD and closed at 1.2917 on Friday.

In the macro economic news, Canada’s gross domestic product (GDP) climbed 2.4% on an annual basis in July, more than market consensus for an advance of 2.2%. In the previous month, the GDP had registered a similar rise.

In the Asian session, at GMT0300, the pair is trading at 1.2831, with the USD trading 0.67% lower against the CAD from Friday’s close.

The pair is expected to find support at 1.2753, and a fall through could take it to the next support level of 1.2676. The pair is expected to find its first resistance at 1.2969, and a rise through could take it to the next resistance level of 1.3108.

Trading trend in the Loonie today is expected to be determined by Canada’s leading indicator for August and the RBC manufacturing PMI for September, set to release later in the day.

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

This entry was posted in USD/CAD. Bookmark the permalink.

Comments are closed.