USD/CAD: Canada’s GDP rebounded in November


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 1.89% against the CAD and closed at 1.3235 on Friday.

On the macro front, Canada’s gross domestic product grew 0.1% on a monthly basis in November, driven by a rise in utilities, construction and retail sectors. In the previous month, the Canadian economy contracted 0.1%.

In the Asian session, at GMT0400, the pair is trading at 1.3242, with the USD trading 0.05% higher against the CAD from Friday’s close.

The pair is expected to find support at 1.3212, and a fall through could take it to the next support level of 1.3181. The pair is expected to find its first resistance at 1.3263, and a rise through could take it to the next resistance level of 1.3283.

Looking ahead, market participants would keep a close watch on Canada’s Markit manufacturing PMI for January, slated to release later today.

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

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