USDCAD Movement
On Friday, the USD rose 0.14% against the CAD to close at 1.0502. However, the losses in the Loonie were limited as the gross domestic product in Canada rose 0.1% (MoM) in April, matching market expectations. Meanwhile, Canada’s raw material prices increased less than expected while industrial producer prices remained flat in May.
In the Asian session, at GMT0300, the pair is trading at 1.0517, with the USD trading 0.14% higher from Friday’s close.
The pair is expected to find support at 1.0460, and a fall through could take it to the next support level of 1.0404. The pair is expected to find its first resistance at 1.0564, and a rise through could take it to the next resistance level of 1.0612.
Trading in the pair shall be subdued today as Canadian banks shall remain closed due to Canada Day bank holiday.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
