USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.18%against the CAD to close at 1.3273.
Yesterday, a leading bank in Canada, slashed its projections for the Canadian GDP growth to 1.2% in 2015, from 1.8% estimated earlier and 2.2% economic growth in the next year, lowering it by 0.4%, primarily due to weakness in the nation’s energy sector.
In the Asian session, at GMT0300, the pair is trading at 1.3288, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.3236, and a fall through could take it to the next support level of 1.3183. The pair is expected to find its first resistance at 1.3320, and a rise through could take it to the next resistance level of 1.3352.
Moving ahead, market participants look forward to the release of the Canadian retail sales data, set for release in a few hours, to get better insights in the nation’s economy.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
