USDCAD Movement
For the 24 hours to 23:00 GMT on Friday, the USD declined 0.24% against the CAD to close at 1.0283. The Canadian Dollar strengthened, after fourth-quarter domestic growth data in Canada showed that the economy performed as expected late last year.
Statistics Canada reported that gross domestic product grew at an annualized rate of 0.6% in the fourth quarter, which matched market expectations. However, GDP actually shrank in December, dropping 0.2%, which was also in line with market forecasts.
In the Asian session, at GMT0400, the pair is trading at 1.0305, with the USD trading 0.21% higher from Friday’s close.
The pair is expected to find support at 1.0267, and a fall through could take it to the next support level of 1.0230. The pair is expected to find its first resistance at 1.0343, and a rise through could take it to the next resistance level of 1.0382.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
