USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.82% against the CAD and closed at 1.3423.
The Canadian dollar gained ground, after Canada’s GDP expanded more-than-anticipated by 0.2% MoM in December, after expanding by 0.3% in the preceding month. and compared to market expectations for a rise of 0.1%. Meanwhile, the annualised GDP expanded by 0.8% on a QoQ basis in Q4 2015, while markets expected it to stagnate. The nation’s economy had expanded by a revised 2.4% in the previous quarter.
In the Asian session, at GMT0400, the pair is trading at 1.3429, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3361, and a fall through could take it to the next support level of 1.3292. The pair is expected to find its first resistance at 1.3523, and a rise through could take it to the next resistance level of 1.3616.
With no economic releases in Canada today, trading trend in the CAD are expected to be determined by global macroeconomic factors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
