USD/CAD: Canada’s manufacturing shipments advanced more-than-estimated in July


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.65% against the CAD and closed at 1.2972.

On the data front, Canada’s manufacturing shipments rose 0.9% on a monthly basis in July, higher than market expectations for an advance of 0.6%. In the previous month, manufacturing shipments had recorded a revised gain of 1.3%.

In the Asian session, at GMT0300, the pair is trading at 1.2971, with the USD trading slightly lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2941, and a fall through could take it to the next support level of 1.2911. The pair is expected to find its first resistance at 1.3029, and a rise through could take it to the next resistance level of 1.3087.

In absence of key economic releases in Canada today, traders would keep an eye on global macroeconomic releases for further direction.

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

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