USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.07% against the CAD and closed at 1.2847.
On the economic front, Canada’s gross domestic product (GDP) advanced 0.4% on a monthly basis in February, beating market consensus for a rise of 0.3%. In the prior month, the GDP had fallen 0.1%.
On the other hand, the nation’s Markit manufacturing PMI fell to a level of 55.5 in April, compared to a reading of 55.7 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.283, with the USD trading 0.13% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2796, and a fall through could take it to the next support level of 1.2762. The pair is expected to find its first resistance at 1.2889, and a rise through could take it to the next resistance level of 1.2948.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
