USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.08% against the CAD to close at 1.0672. The Canadian Dollar lost ground after data showed that the Canadian economy expanded 0.1% (MoM) in April, failing to meet analysts’ expectations for an expansion of 0.2%.
In the Asian session, at GMT0300, the pair is trading at 1.0669, with the USD trading marginally lower from yesterday’s close, in a holiday-thin trading session on account of ‘Canada Day’.
The pair is expected to find support at 1.0644, and a fall through could take it to the next support level of 1.0619. The pair is expected to find its first resistance at 1.0696, and a rise through could take it to the next resistance level of 1.0723.
Amidst a public holiday in Canada, traders would eye global economic news for further cues in the currency pair.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
