USD/CAD: Canada’s GDP growth slowed in 4Q 2019

USDCAD

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 2.83% against the CAD and closed at 1.3411 on Friday.

Data showed that Canada’s annualised gross domestic product (GDP) growth slowed to 0.3% on a quarterly basis in 4Q19, registering its worst performance in almost four years and compared to a revised rise of 1.1% in the previous quarter.

In the Asian session, at GMT0400, the pair is trading at 1.3353, with the USD trading 0.43% lower against the CAD from Friday’s close.

The pair is expected to find support at 1.3303, and a fall through could take it to the next support level of 1.3253. The pair is expected to find its first resistance at 1.3434, and a rise through could take it to the next resistance level of 1.3515.

In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.

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

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