USDCAD Movement
For the 24 hours to 23:00 GMT, the USD fell 0.15% against the CAD to close at 1.0286, after the Federal Reserve did not provide clue on when they will start tapering its asset purchase program.
In Canadian economic news, the GDP grew by 0.2% (MoM) in May, at a slower pace than market expectations, as gains in retail and wholesale trade were offset by weakness in the commodity sector.
In the Asian session, at GMT0300, the pair is trading at 1.0296, with the USD trading 0.10% higher from yesterday’s close.
The pair is expected to find support at 1.0248, and a fall through could take it to the next support level of 1.0201. The pair is expected to find its first resistance at 1.0340, and a rise through could take it to the next resistance level of 1.0385.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
