USDCAD Movement
For the 24 hours to 23:00 GMT, the USD slightly declined against the CAD and closed at 1.3096 on Friday.
Data showed that Canada’s gross domestic product (GDP) advanced 0.3% on a monthly basis in April, more than market expectations for a rise of 0.2%. In the previous month, the GDP had registered a rise of 0.5%.
In the Asian session, at GMT0300, the pair is trading at 1.3096, with the USD trading flat against the CAD from Friday’s close.
The pair is expected to find support at 1.3070, and a fall through could take it to the next support level of 1.3045. The pair is expected to find its first resistance at 1.3111, and a rise through could take it to the next resistance level of 1.3127.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
