USDCAD Movement
On Friday, the USD rose 0.73% against the CAD to close at 1.1423.
In economic news, Canada’s GDP rebounded 0.4% on a monthly basis in September, at par with market expectations. The GDP had recorded a drop of 0.1% in the previous month.
Other economic data showed that the nation’s industrial product price index recorded a drop of 0.5% on a MoM basis in October, more than market expectations for a drop of 0.4%, while raw material price index eased 4.3% on a monthly basis in October, higher than market expectations for a fall of 2.5%.
In the Asian session, at GMT0400, the pair is trading at 1.1434, with the USD trading 0.1% higher from Friday’s close.
The pair is expected to find support at 1.1360, and a fall through could take it to the next support level of 1.1286. The pair is expected to find its first resistance at 1.1485, and a rise through could take it to the next resistance level of 1.1535.
Meanwhile, investors await Canada’s RBC manufacturing PMI data for further cues, scheduled later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
