USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.13% against the CAD and closed at 1.3387.
The Canadian Dollar gained ground, after Canada’s gross domestic product (GDP) climbed by 0.2% on a monthly basis in August, at par with market expectations, expanding for a third straight month, following a revised rise of 0.4% in the previous month. Additionally, the nation’s RBC manufacturing PMI edged up to a level of 51.1 in October, after recording a reading of 50.3 in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.3391, with the USD trading a tad higher from yesterday’s close.
The pair is expected to find support at 1.3354, and a fall through could take it to the next support level of 1.3317. The pair is expected to find its first resistance at 1.3423, and a rise through could take it to the next resistance level of 1.3455.
With no economic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
