USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined marginally against the CAD and closed at 1.3425.
On the data front, Canada’s annualised gross domestic product (GDP) rebounded by 3.5% on a quarterly basis in the third quarter, posting its strongest economic growth in more than two years and surpassing market expectations for an advance of 3.4%. In the previous quarter, annualised GDP had fallen by a revised 1.3%. Additionally, the nation’s GDP rose 0.3% MoM in September, higher than market expectations for an advance of 0.1%. In the previous month, the GDP had recorded a rise of 0.2%.
In the Asian session, at GMT0400, the pair is trading at 1.3407, with the USD trading 0.13% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3352, and a fall through could take it to the next support level of 1.3298. The pair is expected to find its first resistance at 1.3462, and a rise through could take it to the next resistance level of 1.3518.
Investors this afternoon will look forward to Canada’s RBC manufacturing PMI for November.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
