USDCAD Movement
On Friday, the USD declined 0.34% against the CAD to close at 1.1120. The Canadian Dollar advanced against its US counterpart after an official data revealed that Canada’s gross domestic product (GDP) rose 0.2% (MoM) in November, in-line with market estimates and compared to a 0.3% (MoM) rise registered in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.1114, with the USD trading slightly lower from Friday’s close.
The pair is expected to find support at 1.1059, and a fall through could take it to the next support level of 1.1003. The pair is expected to find its first resistance at 1.1198, and a rise through could take it to the next resistance level of 1.1281.
Traders would be eyeing Canada’s industrial product price and raw material price data, slated for release later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
