USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.32% against the CAD and closed at 1.3030.
In the Asian session, at GMT0300, the pair is trading at 1.3064, with the USD trading 0.26% higher against the CAD from yesterday’s close.
The Canadian dollar weakened against the US dollar, amid reports that Canada has been rejected from US-Mexico NAFTA talks.
The pair is expected to find support at 1.3007, and a fall through could take it to the next support level of 1.2951. The pair is expected to find its first resistance at 1.3108, and a rise through could take it to the next resistance level of 1.3153.
Trading trend in the Loonie will be determined by Canada’s gross domestic product (GDP) data for May, slated to release later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
