USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.39% against the CAD to close at 1.2490. The CAD gained ground, following stronger than expected GDP data in Canada.
The nation’s economy expanded 0.3% MoM in December, following a contraction of 0.2% in the preceding month. Markets were expecting Canada’s GDP to grow 0.2%.
In the Asian session, at GMT0400, the pair is trading at 1.2499, with the USD trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 1.2441, and a fall through could take it to the next support level of 1.2382. The pair is expected to find its first resistance at 1.2547, and a rise through could take it to the next resistance level of 1.2594.
Looking ahead, investors would closely monitor the BoC’s interest rate decision, scheduled later today, for further cues.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
