USD/CAD: Canada’s Ivey purchasing manager’s index climbed in October


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.08% against the CAD and closed at 1.3115.

On the macro front, Canada’s seasonally adjusted Ivey PMI jumped to a level of 61.8 in October, following a reading of 50.4 in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.3115, with the USD trading flat against the CAD from yesterday’s close.

The pair is expected to find support at 1.3069, and a fall through could take it to the next support level of 1.3022. The pair is expected to find its first resistance at 1.3149, and a rise through could take it to the next resistance level of 1.3182.

Going forward, investors would keep an eye on Canada’s housing starts for October and new housing price index for September, slated to release later in the day.

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

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