USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.25% against the CAD to close at 1.0616.
The Canadian Dollar traded broadly higher yesterday, after data indicated that the Canadian economy grew 0.3% in October, the fourth consecutive month-month increase, more than market expectation of a 0.1% rise and compared to a 0.3% gain reported in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.0625, with the USD trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 1.0585, and a fall through could take it to the next support level of 1.0546. The pair is expected to find its first resistance at 1.0659, and a rise through could take it to the next resistance level of 1.0694.
Trading trends in the pair today are expected to be determined by releases from the US.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
