USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.13% against the CAD and closed at 1.3106.
The Canadian Dollar lost ground, after Canada’s annualized gross domestic product (GDP) dropped by 1.6% on a quarterly basis in 2Q 2016, the largest quarterly decline since the second quarter of 2009, mainly led by the wildfires in Alberta. In the prior quarter, the nation’s GDP had registered a revised rise of 2.5%. Meanwhile, on a monthly basis, the GDP rose by 0.6% in June, more than market expectations for a rise of 0.4%. In the prior month, the GDP had dropped 0.6%.
In the Asian session, at GMT0300, the pair is trading at 1.3097, with the USD trading 0.07% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3066, and a fall through could take it to the next support level of 1.3036. The pair is expected to find its first resistance at 1.3136, and a rise through could take it to the next resistance level of 1.3176.
Going ahead, Canada’s RBC manufacturing PMI for August, slated to release later today, will attract market attention.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
