USDCAD Movement
For the 24 hours to 23:00 GMT, the USD marginally declined against the CAD and closed at 1.3279 on Friday.
Data indicated that Canada’s annualised gross domestic product (GDP) grew 1.3% on a quarterly basis in the third quarter of 2019, compared to a revised reading of 3.5% in the previous quarter.
In the Asian session, at GMT0400, the pair is trading at 1.3289, with the USD trading 0.08% higher against the CAD from Friday’s close.
The pair is expected to find support at 1.3270, and a fall through could take it to the next support level of 1.3251. The pair is expected to find its first resistance at 1.3311, and a rise through could take it to the next resistance level of 1.3333.
Going ahead, investors would keep an eye on Canada’s Markit manufacturing PMI for November, set to release later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
