USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.06% against the CAD and closed at 1.2986.
Data showed that Canada’s manufacturing PMI unexpectedly declined to a level of 50.4 in December, expanding at its weakest pace in 4 months and defying market expectations for a rise to a level of 51.9. In the preceding month, the PMI had recorded a level of 51.4.
In the Asian session, at GMT0400, the pair is trading at 1.2993, with the USD trading 0.05% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2972, and a fall through could take it to the next support level of 1.2951. The pair is expected to find its first resistance at 1.3011, and a rise through could take it to the next resistance level of 1.3029.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
