USDCAD Movement
On Friday, the USD rose 0.59% against the CAD to close at 1.3082.
The CAD lost ground, after Canada’s GDP growth contracted 0.2% on a monthly basis in May, following a drop of 0.1% in the previous month, thus raising possibility that the nation is in recession in the first half of the year.
In the Asian session, at GMT0300, the pair is trading at 1.3118, with the USD trading 0.28% higher from Friday’s close.
The pair is expected to find support at 1.2994, and a fall through could take it to the next support level of 1.287. The pair is expected to find its first resistance at 1.3188, and a rise through could take it to the next resistance level of 1.3259.
Amid no economic releases in Canada today, investor look forward to the release of the nation’s RBC manufacturing PMI data, scheduled tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
