Canada’s GDP Surprisingly Shrinks In Q1 2015
GCI Financial | Jun 01, 2015 02:30AM ET
On Friday, the USD rose 0.17% against the CAD to close at 1.2445.
The CAD lost ground, after Canada’s annualized GDP unexpectedly dropped 0.6% in the first quarter of 2015, registering its first contraction in four years since the recession in 2009, as business investment plunged in response to the decline in crude prices. The GDP figure fell short of the BoC’s projection of 0% growth in Q1 2015.
In the Asian session, at GMT0300, the pair is trading at 1.2462, with the USD trading 0.13% higher from Friday’s close.
The pair is expected to find support at 1.2403, and a fall through could take it to the next support level of 1.2345. The pair is expected to find its first resistance at 1.2524, and a rise through could take it to the next resistance level of 1.2587.
Meanwhile, investors look forward to the release of the RBC’s manufacturing PMI, scheduled later today for further direction in the currency pair.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
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