USDCAD Movement
On Friday, the USD declined 0.60% against the CAD to close at 1.1056, following a dismal US GDP data for the fourth-quarter.
Meanwhile, the Canadian Dollar gained ground against its US counterpart after a report showed that Canada’s annualised GDP rose 2.9% in the fourth-quarter, more than market estimate for a rise of 2.5% and compared to a 2.7% increase registered in the preceding quarter.
In the Asian session, at GMT0400, the pair is trading at 1.1059, with the USD trading slightly higher from Friday’s close.
The pair is expected to find support at 1.1016, and a fall through could take it to the next support level of 1.0974. The pair is expected to find its first resistance at 1.1125, and a rise through could take it to the next resistance level of 1.1192.
Later today, data for Canada’s industrial product price and raw material price index is expected to be published for the month of January.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
