USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined marginally against the CAD to close at 1.0262, as markets looked to a raft of US and Canadian economic data set to release this week.
In the Asian session, at GMT0300, the pair is trading at 1.0276, with the USD trading 0.14% higher from yesterday’s close.
The pair is expected to find support at 1.0256, and a fall through could take it to the next support level of 1.0237. The pair is expected to find its first resistance at 1.0290, and a rise through could take it to the next resistance level of 1.0305.
Traders remain cautious ahead of key events from the US such as Federal Reserve policy meeting and the US gross domestic product tomorrow. Also in Canada, traders would focus on May gross domestic product data which is expected to grow by 0.3%.
Market participants are expected to pay a passing attention to industrial product price and raw material price index slated for release later today in Canada.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
