USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.15% against the CAD and closed at 1.3127.
Data indicated that Canada’s gross domestic product advanced 1.7% on an annual basis in November, beating market expectations for a gain of 1.6%. The GDP had recorded a rise of 2.2% in the prior month. Moreover, the nation’s CFIB business barometer rose to a level of 56.1 in January, following a reading of 53.6 in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.3145, with the USD trading 0.14% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3122, and a fall through could take it to the next support level of 1.3100. The pair is expected to find its first resistance at 1.3166, and a rise through could take it to the next resistance level of 1.3188.
Trading trend in the Loonie today, is expected to be determined by Canada’s MLI leading indicator for December and the RBC manufacturing PMI for January, scheduled to release later in the day.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
