USD/CAD: Canadian GDP rose in October



USDCAD Movement

For the 24 hours to 23:00 GMT on Friday, the USD rose 0.56% against the CAD to close at 0.9932.

On the economic front, consumer prices in Canada rose 0.8% in the 12 months to November, following a 1.2% gain in October. Meanwhile, the Bank of Canada’s core index recorded 1.2% inflation at the annual rate, following 1.3% in October. Separately, Canada’s gross domestic product rose to a seasonally adjusted 1.1% (YoY) in October, from 1.0% in the previous month.

In the Asian session, at GMT0400, the pair is trading at 0.9930, with the USD trading marginally lower from Friday’s close.

The pair is expected to find support at 0.9899, and a fall through could take it to the next support level of 0.9867. The pair is expected to find its first resistance at 0.9958, and a rise through could take it to the next resistance level of 0.9985.

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

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