USDCAD Movement
For the 24 hours to 23:00 GMT on Friday, the USD rose 0.13% against the CAD to close at 0.9943, amid disappointing Canadian GDP data.
In economic news, on an annual basis, the Gross Domestic Product (GDP) in Canada rose 1.0% in September, compared to a 1.2% increase recorded in the previous month. Meanwhile, on a quarterly basis, annualized GDP rose 0.6% in the third quarter of 2012 (3Q FY2012), following an upwardly revised 1.9% growth recorded in the previous quarter.
In the Asian session, at GMT0400, the pair is trading at 0.9924, with the USD trading 0.19% lower from Friday’s close.
The pair is expected to find support at 0.9912, and a fall through could take it to the next support level of 0.99. The pair is expected to find its first resistance at 0.9944, and a rise through could take it to the next resistance level of 0.9964.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
