USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.48% against the CAD and closed at 1.3577.
On Friday, data showed that Canada’s gross domestic product (GDP) unexpectedly contracted 0.3% MoM in October, declining for the first time since May 2016, weighed down by a sharp decline in the manufacturing output in nearly three years, thus intensifying concerns over the nation’s economic outlook. Meanwhile, markets expected the GDP to remain flat, compared to a revised rise of 0.4% in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.3573, with the USD trading 0.03% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3532, and a fall through could take it to the next support level of 1.349. The pair is expected to find its first resistance at 1.3597, and a rise through could take it to the next resistance level of 1.3620.
With no economic news in Canada today, trading trend in the CAD is expected to be determined by global macroeconomic events.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
