USD/CAD: Loonie trading on a stronger footing, ahead of Canada’s GDP data


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.11% against the CAD and closed at 1.2337.

In the Asian session, at GMT0400, the pair is trading at 1.2318, with the USD trading 0.15% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2292, and a fall through could take it to the next support level of 1.2267. The pair is expected to find its first resistance at 1.2361, and a rise through could take it to the next resistance level of 1.2405.

Trading trend in the CAD today is expected to be determined by the release of Canada’s GDP data for November, set to release later in the day.

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

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