USD/CAD: Canada’s gross domestic product climbed at its strongest pace in 5-months in October


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.69% against the CAD and closed at 1.3595 on Friday.

Data indicated that Canada’s gross domestic product (GDP) rebounded 0.3% on a monthly basis in October, rising at its fastest pace in 5-months and supported by gains in manufacturing sector. In the prior month, GDP had recorded a decline of 0.1%.. Moreover, the nation’s retail sales advanced 0.3% on a monthly basis in October, compared to a revised rise of 0.1% in the previous month. Market participants had anticipated retail sales to climb 0.5%.

In the Asian session, at GMT0400, the pair is trading at 1.3571, with the USD trading 0.18% lower against the CAD from Friday’s close.

The pair is expected to find support at 1.3509, and a fall through could take it to the next support level of 1.3448. The pair is expected to find its first resistance at 1.3616, and a rise through could take it to the next resistance level of 1.3662.

Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.

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

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