USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.33% against the CAD to close at 1.0454, buoyed by a strong growth in the US Gross Domestic Product (GDP) during the third quarter.
In the Asian session, at GMT0400, the pair is trading at 1.0452, with the USD trading tad lower from yesterday’s close.
The pair is expected to find support at 1.0414, and a fall through could take it to the next support level of 1.0377. The pair is expected to find its first resistance at 1.0477, and a rise through could take it to the next resistance level of 1.0503.
Later today, the Statistics Canada is scheduled to release a report on the unemployment rate in the nation, which analyst expects to rise to 7.0% in October, following a reading of 6.9% recorded in the previous month. Separately, the Canadian Mortgage and Housing Corporation is also expected to release a report on the housing starts in the Canadian economy.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
