USDCAD Movement
For the 24 hours to 23:00 GMT, the USD marginally rose against the CAD and closed at 1.3168.
Data showed that Canada’s gross domestic product (GDP) advanced 1.3% on an annual basis in August, following a similar rise in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3153, with the USD trading 0.11% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3133, and a fall through could take it to the next support level of 1.3114. The pair is expected to find its first resistance at 1.3175, and a rise through could take it to the next resistance level of 1.3198.
Going forward, traders would await Canada’s Markit manufacturing PMI for October, set to release later in the day.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
