For the 24 hours to 23:00 GMT, the USD declined 0.34% against the CAD and closed at 1.2435.
In the Asian session, at GMT0300, the pair is trading at 1.2443, with the USD trading 0.06% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2400, and a fall through could take it to the next support level of 1.2358. The pair is expected to find its first resistance at 1.2502, and a rise through could take it to the next resistance level of 1.2562.
This afternoon will bring a crucial Canadian release, namely the GDP data for July.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
