USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.64% against the CAD to close at 1.3078.
The CAD gained ground, after Canada’s GDP rose 0.1% MoM in August, at par with market expectations, registering its third consecutive monthly gain, following a 0.3% growth in July, indicating that the nation’s economy was coming out of recession after contracting in the first five months of the year.
In the Asian session, at GMT0400, the pair is trading at 1.3068, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 1.3017, and a fall through could take it to the next support level of 1.2967. The pair is expected to find its first resistance at 1.3156, and a rise through could take it to the next resistance level of 1.3245.
Going ahead, market participants will keep a close watch on Canada’s RBC manufacturing PMI index data for October, scheduled to be released later today.
The currency pair is below its 20 Hr and 50 Hr moving averages.
