USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.48% against the CAD and closed at 1.3389.
On the macro front, Canada’s gross domestic product (GDP) unexpectedly declined 0.1% on a monthly basis in February, defying market anticipations for an unchanged reading. In the preceding month, the GDP had recorded a gain of 0.3%.
In the Asian session, at GMT0300, the pair is trading at 1.3379, with the USD trading 0.07% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3345, and a fall through could take it to the next support level of 1.3310. The pair is expected to find its first resistance at 1.3447, and a rise through could take it to the next resistance level of 1.3514.
Trading trend in the Loonie today, is expected to be determined by Canada’s MLI leading indicator for March and the RBC manufacturing PMI for April, slated to release later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
