USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.21% against the CAD to close at 0.9694.
In Canada, gross domestic product rose 0.5% in January, largely supported by manufacturing gains.
Meanwhile, in the US, Labor Department reported that first-time jobless claims fell to 388,000 in the week ending March 26, while continuing claims dropped 51,000 to 3,714,000 for the week ended March 19. Additionally, the Chicago purchasing managers index decelerated slightly to 70.6 in March, from 71.2 in February. Also, new orders for manufactured goods in the US fell 0.1% to $446 billion last month, following an upwardly revised 3.3% jump in January.
In the Asian session at 3:00GMT, the pair is trading at 0.9697, 0.03% higher from the New York session close.
The first area of short term resistance is observed at 0.9725, followed by 0.9754 and 0.9806. The first area of support is at 0.9673, with the subsequent supports at 0.9650 and 0.9598.
The currency pair is showing convergence with 20 Hr moving average and is trading just below its 50 Hr moving average.
