Tue, May 30, 2023 @ 07:02 GMT
HomeContributorsFundamental AnalysisUSD/CAD: Loonie Trading Marginally Lower, Ahead Of Canada's January GDP Data

USD/CAD: Loonie Trading Marginally Lower, Ahead Of Canada’s January GDP Data

For the 24 hours to 23:00 GMT, the USD rose 0.03% against the CAD and closed at 1.3335.

In economic news, Canada’s industrial product price index advanced less-than-expected by 0.1% on a monthly basis in February, against market expectations for a rise of 0.4% and compared to a revised increase of 0.6% in the prior month. Further, the nation’s raw material price index registered a more-than-anticipated rise of 1.2% MoM in February, following a gain of 1.7% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.334, with the USD trading a tad higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3293, and a fall through could take it to the next support level of 1.3246. The pair is expected to find its first resistance at 1.3369, and a rise through could take it to the next resistance level of 1.3398.

Ahead in the day, market participants focus on Canada’s crucial GDP data for January, to gain a better insight into the nation’s economy.

The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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.

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