USD/CAD: Canada’s manufacturing sector activity declined to a 4-month low in June


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.52% against the CAD and closed at 1.2937.

On the macro front, Canada’s Markit manufacturing PMI eased to a four-month low level of 54.7 in June, suggesting a slowdown in the nation’s economic momentum. The PMI had registered a reading of 55.1 in the preceding month.

In the Asian session, at GMT0300, the pair is trading at 1.2936, with the USD trading slightly lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2895, and a fall through could take it to the next support level of 1.2853. The pair is expected to find its first resistance at 1.2996, and a rise through could take it to the next resistance level of 1.3055.

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

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