USD/CAD: Canada’s manufacturing sector growth at a 3-month high in December


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.36% against the CAD and closed at 1.2513.

The Canadian Dollar gained ground against the USD, after Canada’s Markit manufacturing PMI climbed to a level of 54.7 in December, notching to a three-month high level, thus suggesting that manufacturers ended the fourth quarter on a strong footing. The PMI had registered a level of 54.4 in the prior month.

In the Asian session, at GMT0400, the pair is trading at 1.2521, with the USD trading 0.06% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.2497, and a fall through could take it to the next support level of 1.2474. The pair is expected to find its first resistance at 1.2547, and a rise through could take it to the next resistance level of 1.2574.

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

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