USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.11% against the CAD to close at 1.0325, as investors overlooked an upbeat growth in Canada’s gross domestic product (GDP) amid ongoing US budget talks.
The data showed that Canada’s GDP registered a growth of 0.6% (MoM) in July, more than analysts’ call for a 0.5% growth and compared to a 0.5% drop witnessed in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0318, with the USD trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.0284, and a fall through could take it to the next support level of 1.0249. The pair is expected to find its first resistance at 1.0342, and a rise through could take it to the next resistance level of 1.0365.
Amid lack of economic releases from Canada, investors are expected to keep a close watch on global economic news for further guidance in the pair.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
