USD/CAD: Loonie trading on a stronger footing this morning


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.54% against the CAD and closed at 1.3363 on Friday.

The Canadian dollar rose against the US dollar, following stronger than expected growth in Canada’s gross domestic product (GDP).

In economic news, Canada’s GDP climbed more than market consensus by 0.3% on a monthly basis in January, amid growth in construction and manufacturing sectors. In the previous month, GDP had recorded a drop of 0.1%.

In the Asian session, at GMT0300, the pair is trading at 1.3345, with the USD trading 0.13% lower against the CAD from Friday’s close.

The pair is expected to find support at 1.3310, and a fall through could take it to the next support level of 1.3276. The pair is expected to find its first resistance at 1.3411, and a rise through could take it to the next resistance level of 1.3478.

Looking forward, investors would keep a close watch on Canada’s leading indicator for February and the RBC manufacturing PMI for March, scheduled to release later in the day.

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

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