USD/CAD: Canada’s manufacturing PMI declined to its lowest level in 23 months in October


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.52% against the CAD and closed at 1.3087.

Data showed that Canada’s manufacturing PMI eased to a level of 53.9 in October, marking its lowest level since January 2017 and compared to a level of 54.8 in the preceding month. However, the nation’s leading indicator remained unchanged at 0.1% on a monthly basis in September.

In the Asian session, at GMT0400, the pair is trading at 1.3096, with the USD trading 0.07% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3060, and a fall through could take it to the next support level of 1.3025. The pair is expected to find its first resistance at 1.3140, and a rise through could take it to the next resistance level of 1.3185.

Going ahead, investors would keep an eye on Canada’s unemployment rate for October and trade balance data for October, set to release later in the day.

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

This entry was posted in USD/CAD. Bookmark the permalink.

Comments are closed.