USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.12% against the CAD to close at 1.1625. The CAD gained ground after Canada’s GDP unexpectedly expanded more than anticipated.
The Canadian economy grew 0.3% on a MoM basis in October, higher than market expectations for a 0.1% rise. The economy had climbed 0.4% in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.1620, with the USD trading a tad lower from yesterday’s close.
The pair is expected to find support at 1.1590, and a fall through could take it to the next support level of 1.1560. The pair is expected to find its first resistance at 1.1659, and a rise through could take it to the next resistance level of 1.1698.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
