USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.49% against the CAD to close at 1.2076, on the back of positive economic data in the US.
In economic news, Canada’s GDP remained flat on a monthly basis, higher than market expectations for a fall of 0.10% and compared to a similar drop recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2092, with the USD trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 1.2014, and a fall through could take it to the next support level of 1.1936. The pair is expected to find its first resistance at 1.2151, and a rise through could take it to the next resistance level of 1.2211.
Looking ahead markets await the release of Canada’s RBC manufacturing PMI data, scheduled later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
