USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.06% against the CAD to close at 1.0024.
The Canadian dollar retreated after a report showed that the country’s economy unexpectedly contracted in the fourth quarter.
Data released in Canada showed that on a seasonally adjusted monthly basis, the Gross Domestic Product (GDP) unexpectedly contracted by 0.1% in November, following a flat reading in October. Moreover, the Industrial Product Price Index (IPPI) fell 0.7% (MoM) in December. Additionally, the Raw Materials Price Index slipped 2.4% (MoM) in December.
In the Asian session, at GMT0400, the pair is trading at 1.0028, with the USD trading 0.04% higher from yesterday’s close.
The pair is expected to find support at 0.9978, and a fall through could take it to the next support level of 0.9927. The pair is expected to find its first resistance at 1.0066, and a rise through could take it to the next resistance level of 1.0104.
The currency pair is converging with its 50 Hr and trading just above its 20 Hr moving average.
