USDCAD Movement
On Friday, the USD rose 0.14% against the CAD to close at 1.0873.
The Canadian economy grew by an annualized rate of 3.1% (Q-o-Q) in Q2 2014, beating consensus estimate for a rise of 2.7%. The Canadian GDP had climbed by a revised 0.9% in the previous quarter. Meanwhile, the industrial product price in Canada fell 0.3% in July, on a monthly basis, higher than market expectations for a fall of 0.2% and compared to a rise of 0.1% in the previous month. The raw material price index dropped 1.4% (M-o-M) in July, compared to an advance of 1.1% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.087, with the USD trading tad lower from Friday’s close.
The pair is expected to find support at 1.0827, and a fall through could take it to the next support level of 1.0783. The pair is expected to find its first resistance at 1.0897, and a rise through could take it to the next resistance level of 1.0923.
Amid a thin trading session on account of national holiday in Canada, investors would pay attention to economic news from other countries.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
