USD/CAD: Canada’s manufacturing sales climbed more than forecast in June


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.12% against the CAD and closed at 1.3158.

Data indicated that Canada’s manufacturing shipments climbed 1.1% on a monthly basis in June, supported by a sharp increase in oil and coal shipments and more than market expectations for an advance of 1.0%. Manufacturing shipments had risen by a revised 1.5% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.3149, with the USD trading 0.07% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3117, and a fall through could take it to the next support level of 1.3085. The pair is expected to find its first resistance at 1.3178, and a rise through could take it to the next resistance level of 1.3207.

Trading trend in the Loonie today is expected to be determined by Canada’s consumer price index for July, scheduled to release later in the day

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

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