USDCAD Movement
On Friday, the USD marginally declined against the CAD to close at 1.0531. The Canadian Dollar rose after the data released by the Statistics Canada showed that nation’s economy rose more than expected in the second quarter.
On an annualized basis, the Canadian economy grew 1.7% (QoQ) in the second quarter, surpassing analysts’ expectation for a 1.5% rise and compared to a 2.2% growth registered in the earlier month.
In the Asian session, at GMT0300, the pair is trading at 1.0521, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 1.0500, and a fall through could take it to the next support level of 1.0478. The pair is expected to find its first resistance at 1.0551, and a rise through could take it to the next resistance level of 1.0580.
As the Canadian markets are closed today for a Labour Day holiday, investors are expected to keep a close watch over global economic news for further direction.
The currency pair is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
