USDCAD Movement
For the 24 hours to 23:00 GMT, the USD slightly rose against the CAD and closed at 1.3673.
In economic news, Canada’s Markit manufacturing PMI rose to a level of 55.9 in April, compared to a level of 55.5 in the prior month.
On Friday, data revealed that Canada’s gross domestic product (GDP) surprisingly remained flat on a monthly basis in February, defying market expectations for it to grow by 0.1% and following an advance of 0.6% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.366, with the USD trading 0.1% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3636, and a fall through could take it to the next support level of 1.3612. The pair is expected to find its first resistance at 1.3685, and a rise through could take it to the next resistance level of 1.3710.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
