USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.08% against the CAD and closed at 1.3020
The Canadian dollar rose against the US dollar, following upbeat economic growth data and easing global trade tensions.
Data revealed that, Canada’s gross domestic product (GDP) rose 0.5% on a monthly basis in May, beating market anticipations for a rise of 0.3%. In the previous month, the GDP had advanced 0.1%.
In the Asian session, at GMT0300, the pair is trading at 1.3012, with the USD trading 0.06% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2965, and a fall through could take it to the next support level of 1.2917. The pair is expected to find its first resistance at 1.3078, and a rise through could take it to the next resistance level of 1.3143.
Trading trend in the Loonie will be determined by Canada’s manufacturing PMI for July and leading indicator for June, due to release later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
