USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.55% against the CAD and closed at 1.2983.
On the macro front, Canada’s gross domestic product (GDP) advanced 2.4% on an annual basis in June, higher than market expectations for a rise of 2.3%. The GDP had registered a rise of 2.6% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3021, with the USD trading 0.29% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2947, and a fall through could take it to the next support level of 1.2874. The pair is expected to find its first resistance at 1.3058, and a rise through could take it to the next resistance level of 1.3096.
Looking ahead, investors will closely monitor Canada’s leading indicator, manufacturing PMI, trade balance, building permits, unemployment rate and the Bank of Canada’s interest rate decision, all slated to release next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
