USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.22% against the CAD to close at 1.1158.
Economic reports out yesterday showed that the gross domestic product in the US rose 1.3% (QoQ) in the fourth quarter of 2013, in line with market expectations, compared to a 2.0% rise in the previous quarter. Initial jobless claims in the US climbed more than market expectations for the week ended January 25, while pending home sales in the US dropped in December, compared to previous month.
In Canada, average weekly earnings rose 2.5% (YoY) in November, compared to a 1.6% rise in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.1177, with the USD trading 0.17% higher from yesterday’s close.
The pair is expected to find support at 1.115, and a fall through could take it to the next support level of 1.1123. The pair is expected to find its first resistance at 1.1202, and a rise through could take it to the next resistance level of 1.1227.
Market participants would focus on gross domestic product data from Canada, which is to be released later in the day.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
