USDCAD Movement
On Friday, the USD declined 0.27% against the CAD to close at 1.0663.
In economic news, industrial product price index in the Canadian economy fell 0.5% (MoM) in May, following a 0.2% drop in April, while the raw material price declined 0.4% (MoM), for the first time since November, last month.
In the Asian session, at GMT0300, the pair is trading at 1.0673, with the USD trading 0.09% higher from Friday’s close.
The pair is expected to find support at 1.0655, and a fall through could take it to the next support level of 1.0636. The pair is expected to find its first resistance at 1.0695, and a rise through could take it to the next resistance level of 1.0716.
Later today, the Statistics Canada is scheduled to publish Canada’s GDP data for the month of April.
The currency pair is showing convergence with its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
