USD/CAD: Loonie trading marginally lower, ahead of Canada’s January GDP data


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.03% against the CAD and closed at 1.3335.

In economic news, Canada’s industrial product price index advanced less-than-expected by 0.1% on a monthly basis in February, against market expectations for a rise of 0.4% and compared to a revised increase of 0.6% in the prior month. Further, the nation’s raw material price index registered a more-than-anticipated rise of 1.2% MoM in February, following a gain of 1.7% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.334, with the USD trading a tad higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3293, and a fall through could take it to the next support level of 1.3246. The pair is expected to find its first resistance at 1.3369, and a rise through could take it to the next resistance level of 1.3398.

Ahead in the day, market participants focus on Canada’s crucial GDP data for January, to gain a better insight into the nation’s economy.

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

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