USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.20% against the CAD and closed at 1.3315 on Friday.
Data showed that Canada’s annualised gross domestic product (GDP) advanced 3.7% on a quarterly basis in 2Q 2019, rising at its quickest pace since 2017 and compared to a revised gain of 0.5% in the prior quarter. Market participants had envisaged the GDP to record a rise of 3.0%.
In the Asian session, at GMT0300, the pair is trading at 1.3317, with the USD trading marginally higher against the CAD from Friday’s close.
The pair is expected to find support at 1.3266, and a fall through could take it to the next support level of 1.3214. The pair is expected to find its first resistance at 1.3351, and a rise through could take it to the next resistance level of 1.3384.
Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
