USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.51% against the CAD to close at 1.0068. The Loonie registered gains as the Canadian economy expanded more than market expectations in February. Canada’s gross domestic product (GDP) increased 0.3% (MoM) to an annualized C$1.56 trillion in February, above market expectations of a 0.2% expansion and following an upwardly revised similar growth recorded in the previous month. Additionally, the industrial product price index rose 0.1% in March, compared to a downwardly revised rise of 1.3% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0063, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0036, and a fall through could take it to the next support level of 1.0008. The pair is expected to find its first resistance at 1.0108, and a rise through could take it to the next resistance level of 1.0152.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
