USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.55% against the CAD, on Friday, to close at 0.9547, after the economic report showed that the Canada’s gross domestic product contracted in May.
In Canada, the gross domestic product decreased 0.3% (M-o-M) in May, unchanged from previous month. On an annual basis, the Industrial Product Price Index (IPPI) rose 5.2% in June, following a 4.5% increase recorded in May.
In the Asian session at 3:00GMT, the pair is trading at 0.9522, 0.26% lower from Friday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9578, followed by 0.9634 and 0.9733. The first area of support is at 0.9479, with the subsequent supports at 0.9436 and 0.9337.
The currency pair is trading well below its 20 Hr and its 50 Hr moving averages.
