USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.61% against the CAD to close at 1.1031. However, the losses in the US Dollar were limited after a report showed that US annualised GDP rose at a faster pace in the fourth quarter, compared to previous quarter and after another report confirmed that claims for weekly jobless benefits fell to 16-week low. Additionally, the personal consumption expenditures in the fourth quarter advanced the most since the final three months of 2010.
In the Asian session, at GMT0400, the pair is trading at 1.1015, with the USD trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 1.0978, and a fall through could take it to the next support level of 1.0941. The pair is expected to find its first resistance at 1.1079, and a rise through could take it to the next resistance level of 1.1143.
With no major economic releases from Canada, traders would eye global economic news for further guidance in the pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
