USDCAD Movement
For the 24 hours to 23:00 GMT, the USD marginally rose against the CAD to close at 1.2950.
In economic news, Canada’s GDP rose in line with market expectations by 0.1% MoM in April, reversing two consecutive monthly declines, mainly led by gains in the manufacturing and the public sector. The nation’s GDP had dropped by 0.2% in the previous month.
In other economic news, Canada’s raw material price index rose above expectations by 6.7% MoM in May, following a 0.7% gain in the previous month. Additionally, the nation’s industrial product price index advanced more-than-anticipated by 1.1% MoM in May, marking its largest monthly gain in more than a year and after registering a fall of 0.5% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2959, with the USD trading 0.07% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2908, and a fall through could take it to the next support level of 1.2856. The pair is expected to find its first resistance at 1.3013, and a rise through could take it to the next resistance level of 1.3066.
On account of a holiday observed in Canada today, market participants will look forward to Canada’s housing starts, unemployment rate, RBC manufacturing PMI and the Ivey PMI data along with the Bank of Canada’s (BoC) business outlook survey report, all scheduled to release next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
