USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.05% against the CAD and closed at 1.3147.
Data indicated that Canada’s gross domestic product (GDP) unexpectedly fell by 0.1% on a monthly basis in October, registering its first decline in eight months and compared to a rise of 0.1% in the previous month. Market participants had projected a flat reading for October.
In the Asian session, at GMT0400, the pair is trading at 1.3155, with the USD trading 0.06% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3139, and a fall through could take it to the next support level of 1.3123. The pair is expected to find its first resistance at 1.3174, and a rise through could take it to the next resistance level of 1.3193.
In the absence of macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
