USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.70% against the CAD to close at 1.3329.
The CAD strengthened after the Canadian economy rose for second month in a row. The Canadian GDP rose 0.3% MoM in July, driven by growth in energy production, manufacturing and service sector. The figure has left the markets expecting that the country will expand double the BoC’s forecast of 1.5% in Q3.
In the Asian session, at GMT0300, the pair is trading at 1.3295, with the USD trading 0.26% lower from yesterday’s close.
The pair is expected to find support at 1.3238, and a fall through could take it to the next support level of 1.3181. The pair is expected to find its first resistance at 1.3392, and a rise through could take it to the next resistance level of 1.3489.
Going ahead, market participants will keep a close watch on the Canadian manufacturing PMI data for September, to be released later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
