USD/CAD: Canada’s Ivey PMI slid to two-year low level in September


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.38% against the CAD and closed at 1.2922.

On the data front, Canada’s seasonally adjusted Ivey Purchasing Managers Index (PMI) dropped to a two-year low level of 50.4 in September, compared to a reading of 61.9 in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.2927, with the USD trading slightly higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.2877, and a fall through could take it to the next support level of 1.2826. The pair is expected to find its first resistance at 1.2958, and a rise through could take it to the next resistance level of 1.2988.

Looking ahead, traders would await Canada’s unemployment rate for September and international merchandise trade balance data for August, set to release later in the day.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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