USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.18% against the CAD and closed at 1.3117 on Friday.
The Canadian Dollar gained ground, after Canada’s gross domestic product (GDP) rose more-than-expected by 0.5% on a monthly basis in July, reinforcing speculation that the economy recovered in the third quarter. The GDP recorded a rise of 0.6% in the prior month while markets expected for an advance of 0.3%.
In the Asian session, at GMT0300, the pair is trading at 1.3112, with the USD trading slightly lower against the CAD from Friday’s close.
The pair is expected to find support at 1.3065, and a fall through could take it to the next support level of 1.3017. The pair is expected to find its first resistance at 1.3177, and a rise through could take it to the next resistance level of 1.3241.
Investors would await the release of Canada’s RBC Manufacturing PMI for September accompanied with the BoC’s business outlook survey data, slated to release later today.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
