USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.16% against the CAD and closed at 1.3516 on Friday.
On the macro front, Canada’s annualised gross domestic product rose 0.4% on a quarterly basis in 1Q 2019, compared to a revised gain of 0.3% in the prior quarter. Markets had anticipated the GDP to record a rise of 0.7%.
In the Asian session, at GMT0300, the pair is trading at 1.3494, with the USD trading 0.16% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.3469, and a fall through could take it to the next support level of 1.3444. The pair is expected to find its first resistance at 1.3542, and a rise through could take it to the next resistance level of 1.3590.
Trading trend in the Loonie today, is expected to be determined by Canada’s MLI leading indicator for April and the RBC manufacturing PMI for May, slated to release later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
