USDCAD Movement
For the 24 hours to 23:00 GMT, the USD traded marginally lower against the CAD to close at 1.2679.
Canada’s GDP shrank 0.1% on a monthly basis, registering second negative GDP figure in the past three months in January and reversing from December’s 0.3% growth. Markets were expecting the nation’s economy to contract 0.2%.
In the Asian session, at GMT0300, the pair is trading at 1.2656, with the USD trading 0.18% lower from yesterday’s close.
The pair is expected to find support at 1.2606, and a fall through could take it to the next support level of 1.2557. The pair is expected to find its first resistance at 1.2745, and a rise through could take it to the next resistance level of 1.2834.
Going forward, investors await the release of Canada’s manufacturing PMI data, scheduled later today to get better insights in the nation’s economy.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
