USD/CAD: Canadian GDP Data Awaited

USD/CAD: Canadian GDP Data Awaited

For the 24 hours to 23:00 GMT, the USD declined 0.11% against the CAD to close at 0.9998, falling below parity.

The Canadian Dollar rose after manufacturers’ prices rose for the first time since April. The Canadian industrial product price rose 0.5% (MoM) in September, compared to a revised contraction of 0.1% in the previous month. Meanwhile, the raw material price index rose 1.3% (MoM) in September, marking its third consecutive monthly rise, and following the previous month’s revised reading of 3.5%.

Separately, the Bank of Canada Governor, Mark Carney indicated that interest rates could rise before the end of 2014.

In the Asian session, at GMT0400, the pair is trading at 0.9991, with the USD trading marginally lower from yesterday’s close.

The pair is expected to find support at 0.9977, and a fall through could take it to the next support level of 0.9962. The pair is expected to find its first resistance at 1.0012, and a rise through could take it to the next resistance level of 1.0034.