USD/CAD: Canada’s manufacturing shipments fell in July


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.06% against the CAD and closed at 1.3247.

In economic news, Canada’s manufacturing shipments fell 1.3% on a monthly basis in July, more than market expectations for a decline of 0.2%. In the previous month, manufacturing shipments had recorded a revised drop of 1.4%.

In the Asian session, at GMT0300, the pair is trading at 1.3254, with the USD trading 0.05% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3225, and a fall through could take it to the next support level of 1.3197. The pair is expected to find its first resistance at 1.3291, and a rise through could take it to the next resistance level of 1.3329.

Trading trend in the Loonie today, is expected to be determined by Canada’s consumer price index for August, set to release later in the day.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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