USDCAD Movement
On Friday, the USD rose 0.24% against the CAD to close at 1.0615.
In economic news, Canada’s annualized gross domestic product (GDP) rose 2.7% (QoQ) in the third quarter, more than analysts’ call for a 2.5% rise and compared to a 1.6% increase registered in the preceding quarter. Meanwhile, on a month-on-month basis, Canada’s GDP rose more-than-expected 0.3% in September, following a similar rate of rise registered in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.0621, with the USD trading 0.06% higher from Friday’s close.
The pair is expected to find support at 1.0575, and a fall through could take it to the next support level of 1.0530. The pair is expected to find its first resistance at 1.0648, and a rise through could take it to the next resistance level of 1.0676.
Amid lack of economic data from Canada, traders are expected to keep a close watch on global economic news for further guidance in the pair.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
