USDCAD Movement
For the 24 hours to 23:00 GMT, the USD marginally rose against the CAD to close at 1.0906.
The Canadian Dollar lost ground despite Canada’s economic growth data registering its fifth monthly rise, expanding 0.4% (MoM) in May as compared to a 0.1% rise in the previous month.
Yesterday, the IMF noted that Canada can boost its economy by hiking its energy taxes.
In the Asian session, at GMT0300, the pair is trading at 1.0916, with the USD trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1.0885, and a fall through could take it to the next support level of 1.0853. The pair is expected to find its first resistance at 1.0939, and a rise through could take it to the next resistance level of 1.0961.
Trading trends in the CAD today are expected to be determined by RBC Canadian Manufacturing PMI for July, scheduled later in the day.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
