USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.46% against the CAD and closed at 1.3193 on Friday.
The Canadian Dollar declined against the USD, after Canada’s manufacturing sales unexpectedly declined by 1.3% on a monthly basis in April, as sales in petroleum, coal and transportation equipment sectors dropped. In the prior month, manufacturing shipments had registered a rise of 1.4%, while markets had envisaged for a rise of 0.6%. Moreover, the nation’s existing home sales dropped 0.1% on a monthly basis in May, posting its lowest level in the past five years and compared to a fall of 2.9% in the prior month. Markets were anticipating existing home sales to fall 1.7%.
In the Asian session, at GMT0300, the pair is trading at 1.3185, with the USD trading 0.06% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.3135, and a fall through could take it to the next support level of 1.3084. The pair is expected to find its first resistance at 1.3222, and a rise through could take it to the next resistance level of 1.3258.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
