USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 5.56% against the CAD and closed at 1.3767 on Friday.
On the data front, Canada’s annualised gross domestic product (GDP) dropped 8.2% on a quarterly basis in the first quarter of 2020, less than market expectations for a drop of 10.0% and compared to a revised rise of 0.6% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3704, with the USD trading 0.46% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.3658, and a fall through could take it to the next support level of 1.3611. The pair is expected to find its first resistance at 1.3792, and a rise through could take it to the next resistance level of 1.3879.
Looking ahead, traders would keep a watch on Canada’s Markit manufacturing PMI for May, slated to release later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
