For the 24 hours to 23:00 GMT, the USD rose 5.56% against the CAD and closed at 1.3767 on Friday.

On the data front, Canada’s annualised gross domestic product (GDP) dropped 8.2% on a quarterly basis in the first quarter of 2020, less than market expectations for a drop of 10.0% and compared to a revised rise of 0.6% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.3704, with the USD trading 0.46% lower against the CAD from Friday’s close.

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The pair is expected to find support at 1.3658, and a fall through could take it to the next support level of 1.3611. The pair is expected to find its first resistance at 1.3792, and a rise through could take it to the next resistance level of 1.3879.

Looking ahead, traders would keep a watch on Canada’s Markit manufacturing PMI for May, slated to release later today.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


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