USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.61% against the CAD and closed at 1.3575.
On the data front, Canada’s gross domestic product (GDP) plunged 11.6% on a monthly basis in April, less than market expectations for a drop of 13.0% and compared to a revised fall of 7.5% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3565, with the USD trading 0.07% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3517, and a fall through could take it to the next support level of 1.3468. The pair is expected to find its first resistance at 1.3657, and a rise through could take it to the next resistance level of 1.3748.
In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
