USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.69% against the CAD and closed at 1.3217.
On the data front, Canada’s seasonally adjusted Ivey PMI fell to a level of 54.7 in January, marking its lowest level in four months and compared to a reading of 59.7 in the prior month. Meanwhile, the nation’s building permits unexpectedly advanced 6.0% on a monthly basis in December, rising for the fourth consecutive month and defying market expectations for a fall of 1.0%. Building permits had climbed 2.6% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3239, with the USD trading 0.17% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3172, and a fall through could take it to the next support level of 1.3106. The pair is expected to find its first resistance at 1.3274, and a rise through could take it to the next resistance level of 1.3310.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
