USD/CAD: Canada strikes deal to replace NAFTA


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.05% against the CAD and closed at 1.2810.

The Canadian dollar gained ground against the US dollar, after Canada secured a deal for a trilateral trade pact with the US and Mexico to revise the existing North American Free Trade Agreement.

Macroeconomic data indicated that Canada’s manufacturing PMI dropped to a level of 54.8 in September, following a level of 56.8 in the prior month.

On the contrary, the nation’s MLI leading indicator rose 0.1% on a monthly basis in August, after recording a flat reading in the previous month

In the Asian session, at GMT0300, the pair is trading at 1.2805, with the USD trading a tad lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2776, and a fall through could take it to the next support level of 1.2747. The pair is expected to find its first resistance at 1.2841, and a rise through could take it to the next resistance level of 1.2877.

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

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