USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.54% against the CAD to close at 0.9969. The Canadian Dollar gained following a stronger-than-expected gross domestic product data in Canada.
Yesterday, Canada’s gross domestic product grew 0.3% (MoM) in November, better than the expected 0.2% rise and compared to the 0.1% rise in the previous month. Moreover, annual GDP rose 1.3% in November. Additionally, the industrial product price index came in unchanged compared to the 0.3% drop recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 0.9974, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.9942, and a fall through could take it to the next support level of 0.9910. The pair is expected to find its first resistance at 1.0021, and a rise through could take it to the next resistance level of 1.0068.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
