USD/CAD: Loonie trading a tad lower, ahead of Canada’s GDP report


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.79% against the CAD and closed at 1.2551.

On the macro front, Canada’s CFIB business barometer index fell to a level of 60.7 in July, after recording a level of 60.9 in the preceding month.

In the Asian session, at GMT0300, the pair is trading at 1.2552, with the USD trading marginally higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.2452, and a fall through could take it to the next support level of 1.2352. The pair is expected to find its first resistance at 1.2614, and a rise through could take it to the next resistance level of 1.2676.

This afternoon will bring a crucial Canadian release, namely the gross domestic product (GDP) data for May.

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

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