USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.11% against the CAD to close at 1.2018, after the US annualized GDP rose less than expected in the first quarter of 2015.
On the macro front, industrial product price in Canada surprisingly rose 0.3% MoM in March, compared to market expectations of a 0.1% drop. Meanwhile, the nation’s raw material price index retreated less than expected by 0.9% on a monthly basis in March. The index had registered a revised rise of 5.9% in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.2028, with the USD trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1.1957, and a fall through could take it to the next support level of 1.1885. The pair is expected to find its first resistance at 1.2087, and a rise through could take it to the next resistance level of 1.2146.
Going forward, investors await the release of Canada’s GDP data, scheduled later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
