USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 1.02% against the CAD and closed at 1.3302 on Friday.
On the macro front, data revealed that Canada’s annualised gross domestic product (GDP) advanced 0.4% on a quarterly basis in 4Q 2018, undershooting market expectations for a rise of 1.0%. In the previous quarter, annualised GDP had recorded an increase of 2.0%.
On the contrary, the nation’s RBC manufacturing PMI declined to a level of 52.6 in February, following a level of 53.0 in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.3284, with the USD trading 0.14% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.3174, and a fall through could take it to the next support level of 1.3064. The pair is expected to find its first resistance at 1.3350, and a rise through could take it to the next resistance level of 1.3416.
Amid no major economic releases in Canada today, investors would focus on global macroeconomic factors for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
