USD/CAD: Canada’s manufacturing PMI climbed in November


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.13% against the CAD and closed at 1.3199.

On data front, Canada’s manufacturing PMI advanced to a level of 54.9 in November, compared to a level of 53.9 in the previous month. Meanwhile, the nation’s MLI leading indicator retreated to 0.1% in October, following a gain of 0.1% in the preceding month.

In the Asian session, at GMT0400, the pair is trading at 1.3183, with the USD trading 0.12% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3155, and a fall through could take it to the next support level of 1.3126. The pair is expected to find its first resistance at 1.3217, and a rise through could take it to the next resistance level of 1.3250.

Amid lack of key economic releases in Canada today, investors would look forward to global macroeconomic releases for further directions.

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

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