USDCAD Movement
On Friday, the USD rose 0.69% against the CAD to close at 1.1270. The Canadian Dollar came under pressure after Canada’s monthly GDP unexpectedly contracted 0.1% in August, registering its first drop since December 2013 and following no growth in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.1289, with the USD trading 0.17% higher from Friday’s close.
The pair is expected to find support at 1.1203, and a fall through could take it to the next support level of 1.1118. The pair is expected to find its first resistance at 1.1354, and a rise through could take it to the next resistance level of 1.1420.
Trading trends in the CAD today are expected to be determined by the BoC Governor, Stephen Poloz’s speech as well as the nation’s RBC manufacturing PMI, scheduled later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
