USD/CAD: Canada’s manufacturing sales surged by the most in over 2 years in November


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.6% against the CAD and closed at 1.2483 on Friday.

On the economic front, Canada’s manufacturing shipments rebounded 3.4% on a monthly basis in November, posting its biggest increase in more than 2 years and topping market consensus for an advance of 2.0%. In the prior month, manufacturing shipments had dropped by a revised 0.6%.

In the Asian session, at GMT0400, the pair is trading at 1.2484, with the USD trading a tad higher against the CAD from Friday’s close.

The pair is expected to find support at 1.2420, and a fall through could take it to the next support level of 1.2357. The pair is expected to find its first resistance at 1.2527, and a rise through could take it to the next resistance level of 1.2571.

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

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