Thu, Dec 01, 2022 @ 20:32 GMT
HomeContributorsFundamental AnalysisUSD/CAD: Loonie Trading Higher, Ahead Of Canadian GDP Data

USD/CAD: Loonie Trading Higher, Ahead Of Canadian GDP Data

For the 24 hours to 23:00 GMT, the USD declined 0.1% against the CAD and closed at 1.3112.

In the Asian session, at GMT0400, the pair is trading at 1.3094, with the USD trading 0.14% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3056, and a fall through could take it to the next support level of 1.3017. The pair is expected to find its first resistance at 1.3151, and a rise through could take it to the next resistance level of 1.3207.

Ahead in the day, Canada’s GDP for December and RBC manufacturing PMI for January, will be on investor’s radar.

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

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Featured Analysis

Learn Forex Trading