USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.25% against the CAD to close at 1.3078.
The Canadian dollar lost ground, after Canada’s GDP declined more-than-expected by 0.2% MoM in March, contracting for the second consecutive month, following a 0.1% fall in the previous month. On an annualised basis, the nation’s GDP rose 2.4% in 1Q 2016, lower than market expectations for an advance of 2.8%. In the prior quarter, annualised GDP had climbed by a revised 0.5%.
In the Asian session, at GMT0300, the pair is trading at 1.3059, with the USD trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 1.3003, and a fall through could take it to the next support level of 1.2946. The pair is expected to find its first resistance at 1.3125, and a rise through could take it to the next resistance level of 1.3190.
Moving ahead, market participants will look forward to the release of Canada’s RBC manufacturing PMI data for May, due later today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
