USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.87% against the CAD to close at 1.3067.
In economic news, Canada’s industrial product price index dropped more-than-expected by 1.1% MoM in February, compared to market expectations for a drop of 0.2%. The index had climbed by 0.5% in the previous month. Additionally, the nation’s raw material price index fell 2.6% MoM in February, higher than market expectations for a drop of 0.9% and following a 0.4% decline in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3071, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3008, and a fall through could take it to the next support level of 1.2945. The pair is expected to find its first resistance at 1.3175, and a rise through could take it to the next resistance level of 1.3280.
Going ahead, investors will look forward to the release of Canada’s GDP data for January, due tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
