USDCAD Movement
On Friday, the USD declined marginally against the CAD to close at 1.0429. The Canadian Dollar extended its gains against the greenback, buoyed by a report, released on Thursday, that showed growth in the Canadian economy accelerated more than analysts’ expectations for August.
In the Asian session, at GMT0400, the pair is trading at 1.0422, with the USD trading 0.07% lower from Friday’s close.
The pair is expected to find support at 1.0402, and a fall through could take it to the next support level of 1.0383. The pair is expected to find its first resistance at 1.0448, and a rise through could take it to the next resistance level of 1.0475.
Amid lack of economic data from Canada, traders are expected to keep a close watch on global economic news for additional cues in the pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
