USD/CAD: Canada’s manufacturing activity jumps at its fastest pace in past 7-years in June


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.32% against the CAD and closed at 1.3144.

Data showed that Canada’s manufacturing activity jumped to a level of 57.1 in June, hitting a seven-year high level since inception of the survey. In the previous month, the PMI had registered a level of 56.2.

In the Asian session, at GMT0300, the pair is trading at 1.3125, with the USD trading 0.14% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3090, and a fall through could take it to the next support level of 1.3054. The pair is expected to find its first resistance at 1.3183, and a rise through could take it to the next resistance level of 1.3240.

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

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