USD/CAD: Canada’s Ivey PMI advanced in March


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.16% against the CAD and closed at 1.3364.

Data indicated that Canada’s seasonally adjusted Ivey PMI rose to a level of 54.3 in March, compared to a reading of 50.6 in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.3359, with the USD trading slightly lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3344, and a fall through could take it to the next support level of 1.3330. The pair is expected to find its first resistance at 1.3373, and a rise through could take it to the next resistance level of 1.3388.

Looking ahead, traders would keep an eye on Canada’s unemployment rate for March, scheduled to release later in the day.

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

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