USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.28% against the CAD and closed at 1.2689.
On Friday, data revealed that Canada’s gross domestic product (GDP) surprisingly remained flat on a monthly basis in October, defying market expectations for an advance of 0.2%, thus diminishing the odds of an interest rate hike by the Bank of Canada (BoC) in the near-term. In the previous month, the GDP had risen 0.2%.
In the Asian session, at GMT0400, the pair is trading at 1.2686, with the USD trading slightly lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2671, and a fall through could take it to the next support level of 1.2655. The pair is expected to find its first resistance at 1.2715, and a rise through could take it to the next resistance level of 1.2743.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
