USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.21% against the CAD and closed at 1.3497.
On the data front, Canada gross domestic product (GDP) expanded more-than-estimated by 0.5% MoM in March, driven by higher consumer spending, thus suggesting that the economy has picked up steam. The GDP had registered a flat reading in the previous month, while market participants were expecting the GDP to climb 0.2%. Also, on a quarterly basis, the nation’s annualized GDP rose less-than-expected by 3.7% in the first quarter of 2017 and following a revised rise of 2.7% in the prior quarter.
In the Asian session, at GMT0300, the pair is trading at 1.3507, with the USD trading 0.07% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3455, and a fall through could take it to the next support level of 1.3403. The pair is expected to find its first resistance at 1.3541, and a rise through could take it to the next resistance level of 1.3575.
Moving ahead, market participants will keep a close watch on Canada’s Markit manufacturing PMI for May, slated to release later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
