USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 7.91% against the CAD and closed at 1.4074.
On the data front, Canada’s gross domestic product (GDP) advanced 0.1% on a monthly basis in January, in line with market expectations. In the prior month, the GDP had recorded a rise of 0.3%.
In the Asian session, at GMT0300, the pair is trading at 1.4106, with the USD trading 0.23% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3962, and a fall through could take it to the next support level of 1.3819. The pair is expected to find its first resistance at 1.4299, and a rise through could take it to the next resistance level of 1.4493.
Looking ahead, investors would keep a watch on Canada’s Markit manufacturing PMI for March, slated to release later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
