USD/CAD: Canadian GDP Contracted In August

USD/CAD: Canadian GDP Contracted In August

For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 1.0001. The Canadian Dollar came under pressure after official data showed that the Canadian economy unexpectedly contracted in August. Yesterday, the Statistics Canada reported that nation’s gross domestic product contracted by 0.1% (MoM) in August, missing market expectations for a 0.2% growth.

In the Asian session, at GMT0400, the pair is trading at 1.0005, with the USD trading marginally higher from yesterday’s close.

The pair is expected to find support at 0.9972, and a fall through could take it to the next support level of 0.9939. The pair is expected to find its first resistance at 1.0026, and a rise through could take it to the next resistance level of 1.004