USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.12% against the CAD to close at 1.2987.
In economic news, Canadian GDP rose more-than-expected by 0.6% MoM in January, expanding for the fourth consecutive month, backed by a robust growth in manufacturing sector. Investors had expected it to rise by 0.3%, following a 0.2% gain in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3029, with the USD trading 0.32% higher from yesterday’s close.
The pair is expected to find support at 1.2907, and a fall through could take it to the next support level of 1.2785. The pair is expected to find its first resistance at 1.3101, and a rise through could take it to the next resistance level of 1.3173.
Moving ahead, market participants will look forward to Canada’s RBC manufacturing PMI data for March, scheduled to release later today.
The currency pair is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
