USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.08% against the CAD and closed at 1.4045.
On the economic front, data indicated that Canada’s GDP growth expanded for the first time in three months by 0.3% MoM in November, in line with market expectations, following a flat reading in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.4007, with the USD trading 0.27% lower from Friday’s close.
The pair is expected to find support at 1.3946, and a fall through could take it to the next support level of 1.3884. The pair is expected to find its first resistance at 1.409, and a rise through could take it to the next resistance level of 1.4172.
Looking ahead, market participants will keep a close watch on Canada’s RBC manufacturing PMI data for January, due later today.
The currency pair is showing convergence with its 20 Hr and trading below its 50 Hr moving average.
