USD/CAD: Canada’s manufacturing shipments fell beyond expectations in November


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.41% against the CAD and closed at 1.3354.

In economic news, Canada’s manufacturing shipments declined 1.4% on a monthly basis in November, higher than market expectations for a fall of 1.0%. In the preceding month, manufacturing shipments had registered a drop of 0.1%

In the Asian session, at GMT0400, the pair is trading at 1.3329, with the USD trading 0.19% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3300, and a fall through could take it to the next support level of 1.3270. The pair is expected to find its first resistance at 1.3359, and a rise through could take it to the next resistance level of 1.3388.

Going ahead, traders would closely monitor Canada’s retail sales for November, set to release later in the day.

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

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