USD/CAD: Canada’s business barometer climbed in April


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.11% against the CAD and closed at 1.3481.

Data revealed that Canada’s CFIB business barometer rose to a level of 56.7 in April, following a reading of 55.9 in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.3477, with the USD trading a tad lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3458, and a fall through could take it to the next support level of 1.3440. The pair is expected to find its first resistance at 1.3506, and a rise through could take it to the next resistance level of 1.3536.

Moving ahead, traders would keep an eye on Canada’s RBC manufacturing PMI and gross domestic product, scheduled to release next week.

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

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