USDCAD Movement
On Friday, the USD declined 0.11% against the CAD to close at 1.0301, as looming US budget concerns weighed on the demand prospect of the greenback.
In the Asian session, at GMT0300, the pair is trading at 1.0305, with the USD trading marginally higher from Friday’s close.
The pair is expected to find support at 1.0290, and a fall through could take it to the next support level of 1.0274. The pair is expected to find its first resistance at 1.0327, and a rise through could take it to the next resistance level of 1.0348.
Traders are awaiting the release of Canada’s Gross Domestic Product (GDP) data, which the market expects to expanded in the month of July. Loonie traders are also expected to keep an eye on Canada’s industrial production and raw material price index data slated to release later during the day.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
